Interest and Gambling

Paying a fixed monthly fee for a credit card facility

Submitted by user2 on Sat, 2019-02-16 06:51

Q: Is it permissible to pay a fixed monthly fee for a credit facility on a credit card? The fee is payable whether or not the credit facility is used. No interest will be incurred on the credit facility.

Taking an interest bearing loan to pay off another person's debts

Submitted by user2 on Mon, 2019-02-11 07:06

Q: Can I take a loan on interest from a bank to pay off my friends debts in order to save him from going to jail?

Receiving a fixed profit from one's mobile account

Submitted by user2 on Sun, 2019-02-10 06:51

Q: I have a mobile account and I subscribe to the benefits package that if I have more money in my account I will get 10% profit, please guide me is this valid or not?

Opening a bank account

Submitted by user2 on Wed, 2019-02-06 07:56

Q: In India we have all transactions through our bank accounts. Is it against taqwa to deposit money in the bank? I never use interest but distribute it to the poor. 

Keeping one's money in a bank for safekeeping

Submitted by user2 on Mon, 2019-02-04 08:06

Q:

1. Is opening a 'Shariah-compliant' savings account at a bank or at an 'Islamic' Bank with the sole intention of the bank safekeeping your money permissible if one intends to give all 'profit' earned in charity?

2. If one already has an investment account at an 'Islamic' Bank that claims to follow a Profit-and-Loss mode of financing, what should one do? Should we close down the account?

3. Is it against taqwa to save/invest money for the future?

4. What are the permissible means if one wishes to save/invest?

Taking out a life insurance policy

Submitted by user2 on Mon, 2018-12-31 07:32

Q: Is it permissible to buy a life insurance policy not to let my heirs benefit from it; but merely to cover inheritance tax/estate duty that is so exorbitant that, due to not having so much cash funds in the estate, essential assets such as the house in which the heirs live in has to be sometimes sold just to pay the estate duty. The heirs will be instructed that after paying the duty the surplus must be given away in charity without intention of reward.

Using interest money to pay for insurance

Submitted by user2 on Tue, 2018-12-25 07:30

Q: If a person stays in a complex where they have an insurance policy, and every month a portion of the levies go towards that insurance, can he pay that portion with interest/doubtful money? He has already expressed his disapproval of the insurance, but since its a big complex his views are the minority.

Ebucks

Submitted by user2 on Sun, 2018-12-23 07:52

Q: I recently read a fatwa that you issued with regards to eBucks. Jazakallah for the fatwa. I am struggling to understand one aspect and would like you please clarify it.

As you noted in the definition of interest, interest is “excess devoid of any compensation which either of the transacting parties is entitled to due to it being a pre-condition in that transaction.” So one of the conditions for interest is that it should be a pre-condition which doesn’t seem to be met in eBucks. FNB from time to time changes the amount of eBucks given, the reasons for giving eBucks etc. This shows it is not a pre-condition and it is not part of the contract as FNB from their side only modify it from time to time. If this was a pre-condition and part of the transaction it would require the consent of both transacting parties. Therefore, it seems that the definition of interest does not fit into eBucks. Please clarify.

Earning Ebucks from an Islamic cheque account

Submitted by user2 on Tue, 2018-12-18 07:58

Q: I read your article about eBucks being tantatmount to riba. My question is, if I have an Islamic Banking cheque acccount that earns a variable profit share and a credit card that I settle monthly in full on due date and hence pay no interest, is the ebucks earned still tantatmount to riba?

eBucks, uCount, Absa Rewards, GreenBacks, Airport Lounges

Submitted by admin on Tue, 2018-12-04 07:41

Q: In today’s times, we see many conventional banks offering different types of reward programmes in order to attract customers and promote their business. Among the reward programmes are the following; eBucks, uCount, Absa Rewards and GreenBacks. Similarly, certain conventional banks offer other incentives such as free access to certain airport lounges. Is it permissible for one to benefit from these reward programmes offered by these conventional banks or do the rewards offered by the bank enter under the purview of riba due to which they will be impermissible?

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