I am able to use interest monies to pay

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Question: Please advise if I am able to use interest monies to pay for my children’s' education? I was previously advised that the interest monies may be used to build toilets, pay traffic fines or be given to a non Muslim however I have heard that the monies may be used to pay for children’s' education.       Answer Muhtaram / Muhtaramah   In the Name of Allāh, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum … [Read more...]

is it permitted in islam to lend money

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  Question     1. is it permitted in islam to lend money to non-muslims who are in need of money? they might use it for things that are not permitted in islam.. is this ok? 2. i am planning to buy a car. i wont be able to pay the full price of the car all at once. So i am planning to go for a loan from an islamic bank. I have heard that they operate according to the sharia'ah. Can you please explain in brief, how taking a loan from an … [Read more...]

what can we do with these funds?

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Question   We have much accumulated interest funds that we have unintentionally received from the banks. We know that in our community there a lot of people who are struggling with day to day survival and are turning to the banks for loans based on interest. Some of these brothers are genuinely stuck and are in need of help for them to get out of this vicious circle of interest.   Could we help these brothers to pay off their … [Read more...]

I want to know the information regarding taking loan

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    Question   I want to know the information regarding taking loan on interest from a non islamic bank.Yest i have attended one biyaan in one of the mosque situated in ,hyderabad,INDIA. During the biyaan Moulana saheb told that we can take interest from a non islamic bank banks or any non muslim organisation as our country is non islamic ruled by non muslims it is ok to take intrest in a non islamic … [Read more...]

Bank (A) has an Islamic finance program for real estate

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  Question   1) Bank (A) has an Islamic finance program for real estate (villa or land),  they give you a loan at a margin of 4.75% according to your monthly income + 10% as down payment for 20 years. The bank doesn't possess any real estate, they ask you to go and search for anything you like and then they re-evaluate it, and then they buy it on their name, then they make a lease contract with the client for 20 … [Read more...]

If one has Interest money to give away

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  Question   If one has Interest money to give away who should one give It too? I would like to know if it is permissible to give it to a Muslim Family member.     Answer   Muhtaram / Muhtaramah   In the Name of Allāh, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh.   It is permissible to give interest money to a … [Read more...]