Answered by Shaykh Yūsuf Badāt Question: If someone paid interest to a bank, would it be permissible to take interest from that bank up to however much one has paid? Answer: بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allāh, Most Gracious, Most Merciful. Jazāk Allāh Khayr/ Thank you for contacting Mathabah Institute. Dealing with…
Answered by Shaykh Yūsuf Badāt Question: Zaid bought a property. Lawyers advise him to transfer the money into a Nedbank trust interest bearing account which he does. He earns interest after the paperwork is finalized. Can Zaid assist his cousin who is also using a Nedbank account by paying the interest that has accumulated on…
Answered by Shaykh Yūsuf Badāt Question: Is selling 3 sofas in return of 4 sofas muʾajjalan (deferred) permissible? Answer: بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allāh, Most Gracious, Most Merciful. Jazāk Allāh Khayr/ Thank you for contacting Mathabah Institute. It is only islamicaly permissible to trade 3 sofas for 4 sofas if the…
Answered by Shaykh Yūsuf Badāt Question: Why is lending cryptocurrency and earning interest on them ḥarām forbidden? Is it not a commodity and not a currency? Answer: بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allāh, Most Gracious, Most Merciful. Jazāk Allāh Khayr/ Thank you for contacting Mathabah Institute. Bitcoin and or cryptocurrency has been…
Answered by Muftī Shujaʾath ʿAlī Question: Without student loans in Canada, I could not finish my university degree. Only after the loan and degree, I now have a good job. Currently, I am paying back my student loans with interest every month. Please advise me of the islamic rulings in my situation. Answer: In the…
Answered by Mufti Ibrahim Kureshi Question: There are many car dealerships, some even owned by Muslims who offer 0% financing to Muslim customers. There is a third party financing bank or institution involved in this transaction. As for the contract, the dealership adds the interest amount into the principle. They call this a murābaḥah (profit…