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Basic Tenets of FaithView›Answers: 119Subcategories: 6
Basic Tenets of Faith
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Hadith & its SciencesView›Answers: 72Subcategories: 4
Hadith & its Sciences
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The Quran and its SciencesView›Answers: 131Subcategories: 3
The Quran and its Sciences
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Fiqh of the familyView›Answers: 111Subcategories: 18
Fiqh of the family
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Etiquette, Morals and Heart-SoftenersView›Answers: 23Subcategories: 3
Etiquette, Morals and Heart-Softeners
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Knowledge & PropagationView›Answers: 8Subcategories: 2
Knowledge & Propagation
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Psychological and Social ProblemsView›Answers: 271Subcategories: 2
Psychological and Social Problems
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Islamic history and biographyView›Answers: 67Subcategories: 3
Islamic history and biography
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Pedagogy education and upbringingView›Answers: 13Subcategories: 2
Pedagogy education and upbringing
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Compensation
Ruling on requesting a guarantee from a riba-based bank?
Conclusion: If you need a bank guarantee or letter of credit, let it be issued through an Islamic bank, and it is more appropriate for you to have money in the bank to cover the liability. The bank fee should be in return for acting as an agent (wakaalah) and not as a guarantor (kafaalah), so the fee should not be connected to the amount of liability or the length of the guarantee period. If you cannot find an Islamic bank, then there is nothing wrong with requesting this guarantee from a riba-based bank, if you deposit enough money to cover any liability in a current account, and the bank fee has nothing to do with the amount of liability or the length of the guarantee period Dealing with riba-based banks, without getting involved in riba, is permissible, as is depositing money in them in the case of need, when there is no Islamic bank. As for working in such banks, that is prohibited, even if it is working as a security guard, because that is helping, directly or indirectly, with riba. And Allah knows best.11,079Is Extended Warranty Permissible in Islam?
Islam permits the sale of products with an extended warranty as part of the original transaction, but purchasing separate warranty coverage is not allowed due to its association with ambiguity and gambling, both of which are prohibited in Islam.52,307Should damage caused by misuse be included in the company’s warranty?
8,072He was the cause of his grandfather losing his Social Security pension; is he liable for that?
4,618Replacing entrusted property
10,244Ruling on letter of credit issued by the bank
13,465It is not permissible for the trustee of a charity to borrow money for himself from the charity’s funds
14,430Ruling on financial sponsorship; does it make a difference if the debt is transferred from one lender to another?
11,655There is no zakaah on money that is being held as compensation for taking land
6,242He offered a financial guarantee then he died. Should his heirs pay it off?
7,005