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Interest money

Assuming that all the secular banks in the country deal in riba

Submitted by user2 on Sat, 2022-12-03 06:50

Q: Can I assume that all the secular banks in the country deal in riba if I live in a kafir country or would I be sinful for assuming evil of people without proof?

Category: 
Business and Dealings
Interest and Gambling
Interest money

Opening an interest-bearing account for charity purposes

Submitted by user2 on Wed, 2022-06-22 07:55

Q: Is it permissible to open an interest-bearing bank account with the only intention of donating the accrued interest to a non-Muslim cat feeding organisation?

Category: 
Business and Dealings
Interest and Gambling
Interest money

Taking an interest bearing loan to save oneself from paying tax

Submitted by user2 on Thu, 2022-06-09 07:38

Q: A person deals mostly in cash and does not deposit in the bank in order to avoid showing too much income and paying exorbitant amounts of tax to the government. However, he cannot purchase large items such as properties and cars etc as it has to be done with "legal" money.

The only way out for him will be to take a loan from the bank in order for his purchases to be recognized legally. He will offset the interest payable with the interest he receives from his bank account.

Can this be a valid excuse to enter into an interest bearing loan with the bank?

Category: 
Business and Dealings
Interest and Gambling
Interest money

Status of money earned by the kuffaar from riba

Submitted by user2 on Sun, 2022-01-09 06:17

Q: What is the status of the kuffaar and the money they earn from riba? Is it halaal for them? Can we accept money for goods sold from this? 

Category: 
Business and Dealings
Interest and Gambling
Interest money

Giving interest money to a domestic worker to build a house

Submitted by user2 on Thu, 2020-09-17 08:03

Q: Can interest money be given to a domestic worker to be used for building her house with no intention of it being a gift?

Category: 
Business and Dealings
Interest and Gambling
Interest money

Profits paid by the bank on a savings account

Submitted by user2 on Tue, 2020-08-18 08:13

Q: Is profit paid on a savings account by the bank halaal or haraam?

Category: 
Business and Dealings
Interest and Gambling
Interest money

Giving interest money to buy raffle tickets

Submitted by user2 on Wed, 2020-03-11 07:42

Q: I had around $48.5 of interest money in my Australian bank account. I wanted to get rid of it by giving it to a poor person. A few days back, in my office, there was a collection for a bushfire relief fund and it required staff to buy some raffle tickets which the company was giving a gift to the winner. I thought of giving that interest money as a donation so I told them that I am happy to contribute $50 but won’t take any raffle tickets. They requested a lot so I took the raffle ticket but Alhamdulillah I didn’t win any prize.

Now my question is, was my niyat of getting rid of the interest money fulfilled or not? Do I still need to give that $48.5 to a poor person or will the amount of $50 which I gave in charity suffice?

Category: 
Business and Dealings
Interest and Gambling
Interest money

Using interest money to pay for surgery

Submitted by user2 on Thu, 2020-02-06 07:26

Q: Can someone who is sick and needs money for surgery take interest money credited in his account by the bank for such purposes?

Category: 
Business and Dealings
Interest and Gambling
Interest money

Disposing of interest money

Submitted by user2 on Mon, 2019-11-18 06:21

Q: How should interest money be disposed of?

1. Is tamleek (passing of ownership) necessary i.e. does it have to be given to an individual person or can it be given to madaaris or for digging of wells, etc.?

2. Can it be given to non Muslims?

3. How poor must a person be to give him interest money?

4. Can interest money be used to pay tax, fines, bank charges, etc.?

5. If a person has bank accounts at multiple banks, does he have to withdraw the interest from each bank separately or can he just give the amount in sadaqah from his cash on hand?

6. If a person is in debt, can he be given interest to help him settle his debts?

7. Is interest money regarded as dirty wealth for the recipient?

Category: 
Business and Dealings
Interest and Gambling
Interest money

Charging a loan process amount

Submitted by user2 on Mon, 2019-10-28 07:01

Q: When giving a loan without interest, we charge a loan process amount. Is this haraam or not?

Category: 
Business and Dealings
Interest and Gambling
Interest money

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