Borrowing & Lending
Ruling on borrowing money from someone and appointing him as a proxy to transfer it in return for a feeI borrowed one thousand dollars from someone, and on the same day I appointed him as a proxy to transfer it (on my behalf) to another country, in return for a fee for transferring it, not as an extra payment for the loan, on the basis that I would pay back the amount I had borrowed from him one month after the date of the loan. Is it valid to borrow the money and appoint him to transfer it in return for a fee before I pay him back?
Ruling on paying back a riba-based loan that was taken out by his fatherMy father took out a loan with a bank guarantee certificate to pay off the balance owed by my brother for his apartment, but no one except me can pay off the monthly instalments on the loan. My father agreed with me that I should pay the instalment on the loan every month, in return for him giving me the amount mentioned in the certificate when the loan is paid off. I objected to the interest mentioned in the certificate, but he told me that I will take the original amount mentioned in the certificate, and I do not have anything to do with any extra amount or interest. Please note that the original amount mentioned in the certificate will be mine. Is there any sin on me at present, because I am paying off the loan?
Ruling on lending money to one who goes to extremes in spending on his daughter’s trousseau for the purpose of boasting and showing offWhat is the ruling on lending money to someone who will buy extravagant things for his daughter’s trousseau in preparation for her marriage, for the sake of showing off, when I am aware of that? Will I have reward from Allah?
He took a loan from the bank, which was split evenly with his brother, then his brother died and the bank waived the debt. Is he obliged to give anything to his nephews?I asked my brother to take a loan from the bank for me in his name, and I did not need the full amount, so he took the loan and we split it evenly. We agreed that each of us would pay half of the monthly instalment. Now my brother has died, and the bank has waived the entire amount. Are they entitled to ask me to pay back to them what I took of the loan? Please note that I did not want the entire loan.
What is the ruling on paying a fee to a brokerage in order to obtain a loan or purchase real estate through the bank?Is it permissible to pay a fee to a brokerage company for the purpose of obtaining a loan or purchasing real estate through an Islamic bank? Please note that the amount that the brokerage company charges is a percentage of the value of the loan or property that they help me to obtain. May Allah reward you with good.
Ruling on negative interest that the bank takes from the one who deposits money with themIf I deposit my money in the account of a bank that has a negative interest rate, wherein a fixed percentage of the money deposited is deducted every year, would this be considered as riba? I am talking about a case where there are bank charges involved also. In addition to those charges, the bank deducts a percentage of the money deposited and they call this deduction "negative interest". Since it is mentioned in a hadith that giving interest is also haraam, shouldn't this be haraam too since the one who deposits money in such accounts is in fact paying the bank interest. And how can this be not interest when the bank itself is calling it interest? Isn't the bank more knowledgeable about what is interest and what is not interest than a layperson?
Rulings on rewards for having a current account, if the reward comes after the customer withdrew all the money from that accountWhat is the ruling on rewards for having a current account, if the reward comes after the customer withdrew all the money from the account, or left a small amount in it, then sometime after that, the money given as a reward was deposited in my account. Is it permissible for me to accept it, on the grounds that the bank is not regarded as having borrowed money in that case? If using that reward is haraam, is it better for me not to fulfil the condition that will entitle me to such rewards, or to take the money and give it to charity?
Ruling on discounts and cashback offered by e-wallet appsNowadays, Many Android/ios Apps such as E-Wallets offer cashbacks for using their App, Customers can use these apps as per their need,for instance, 1. Transferring money to other's Bank Ac 2. Shopping At these apps( buying goods or services directly from it) 3. Shopping at other shops, But paying through these wallets Thus, for each of the above mentioned uses we get cashback from the app, is it halal?
Ruling on a loan in which it is stipulated that one take out life insurance, if the condition is not implementedI work in a government institution, which lends us money for various purposes, such as buying a car or buying a house, and deducts an amount from the monthly salary until the loan is paid off, without interest. The problem with the contract that we signed is that it contains a clause called life insurance, even though it is not implemented. I hope that you can explain the ruling on making use of these kinds of loans.
He is owed money by someone who is going through difficulty, and he has been given some charity money to distribute. Is it permissible for him to take what he is owed from it?I am owed money by someone who is in great difficulty. Sometimes I am given charitable money by someone to spend however I wish. Can I take some of this charity and deduct whatever I take from this debt, or do I have to tell the debtor that I am deducting something from the debt he owes with this charity money that comes to me? Or do I not have the right to take anything from this money at all?
Performing aqeeqah for oneself and older children, and borrowing for itAssalam'alaicum wa rahmatoullahi wa barakatouh I heard a muslim brother and a imam saying that: a) People who have children and embrace islam should make a 'aqiqa for them (the children), no matter how old they are and also one for themselves because their non-muslim parents did not make one for them; b) Making a 'aqiqa is so important that if one doesn't have the money to make it, he should borrow that money. However, they didn't give any references to prove what they said. What is the truth?
Borrowing money from one whose income comprises haram moneyIs one allowed to borrow money from some one works in a restaurant which sells haram things? If he borrowed this money already what is the hukm?
Ruling on gifts and discounts offered by the bank when loading a debit/credit cardThere is a XXXX bank’s payment mobile application called YYYY where you can register your XXXX bank’s Debit/Credit card and every time you do any transaction you can use this app and money will be deducted from your Debit/Credit card and there is separate YYYY’s virtual card where cashback money will be accumulated. This card can also be used if there is sufficient balance in it. To promote this app XXXX bank has kept some offers like listed below a) On Mondays recharge ur mobile with minimum Rs. 200 and get Rs 50 cashback. b) On Tuesdays book Flight/activities on Cleartrip and get 15% cashback. c) On Friday and Saturday between 11 AM to 1 PM every first 200 customers will get 200% cashback on every recharge done through YYYY app. and some other cashback offers as well Also it has some discounted offers like Shop on ecommerce site and enter the discounted code so you will be getting instant discount of 8%(No cashback). My questions are 1) Is taking guaranteed cashbacks Haraam? 2) Some YYYY application offers have code which can used at vendors site like ebay and you will get instant discount on your total purchase, Is this also haraam?
How the delayed portion of the mahr may be paid when the value of the currency has droppedI hope that you could tell me how to work out the delayed portion of the mahr for a wife whose husband has died. The delayed portion of her mahr was 600 Iraqi dinars in 1950 CE, and as you know, the value of the Iraqi currency is very low at present. The wife is insisting that the value of the delayed portion should be worked out in gold. Please note that the value of an ounce of gold at that time was 2 dinars, and an ounce is equivalent to 5 grams. In other words, the deferred portion is equivalent to one and a half kilograms of gold at current prices, which would deprive her five children of the entire estate. I hope you can tell us whether this is permissible according to Islamic teachings, and how to work out the deferred portion.
Ruling on student loans based on takaaful where the individual pays back more than he borrowed in order to help other studentsI wanted to ask if the new student loans based on takaful are halal as they are based on paying more than what is borrowed in order to help future students.
The bank loaned him a certain amount on condition that he pay it back with interest. What is the ruling on that loan?Is it permissible to take a loan from one of the banks in Saudi which has a scholarly committee that allows a specific increase, and to take the money to make a down payment for purchasing a piece of land in my city in Egypt by instalments, then take possession of it after a year for the purpose of building on it or selling it?
Is the son obliged to pay off his father’s debt?My father borrowed some gold jewellery from his wife to build a house for me, without my knowledge. Please note that I sent him the costs of construction, and I asked him whether there was anything left of the money, and he told me no. Then after my father died, his wife told me that my father had borrowed the jewellery from her, and he said to her in the presence of my sisters: Take back what is owed from my son. My sisters testify to that. She said that there were papers documenting that, but she lost them; they listed the different weights of the jewellery. What am I obliged to do? If the answer is that I have to pay it, then should I pay the current price of the gold, or the price as it was six years ago? Please note that I do not live in the house, because it was destroyed as a result of war.
Should debts and stolen wealth be returned exactly as they were taken or should their current value be taken into account?I would like to ask about how to restore what is rightfully owed to its owners after changes in prices and the drop in the value of currency. Should debts and stolen wealth be returned exactly as they were taken, or on the basis of their current value? Because the value of currency changes a great deal, meaning for example that 100 dinars in 1970 is worth 1000 dinars now.
He took a student loan and did not know that it is haramMy son is a student in the second year of university. He took out a student loan, but I did not know that this loan is haram until recently. In order to pay off this loan, my son has to get a job with an annual income of more than 21,000 pounds, otherwise he does not have to repay the money. My question is: what will happen if my son is not able to get a job that will guarantee him an income that will fulfil the condition making it obligatory to repay the loan? I hope that you can answer as quickly as possible. I hope that my son will obtain a university degree that will enable him to get a job as a teacher in a Muslim country.
He wants to borrow money from his friend to pay off a debt that he owes to the bank, and take another loan from the bank to pay off the debt to his friend; what is the ruling?I have a friend who is going to lend me 150,000 without interest or anything in return, so that I can pay off my loan. After that, I am going to take a loan from the bank and pay him back the money that he lent me. What is the Islamic ruling on that?