Credit insurance

Q: Is credit insurance permissible i.e. to secure high risk debtors against payment default, there are companies such as Credit Guarantee that take a percentage of the invoice value of the particular debtor with the agreement that should the debtor default on its payment to the company, then Credit Guarantee would make good the payment to the company.

Interest on overdue accounts

Q: We do not charge interest on overdue accounts, but we find that because of this, both Muslim and non-Muslim companies take advantage and delay the payment of their accounts. Is it permissible to charge interest on their overdue accounts because of this? If it is permissible then what should be done with the interest money? If not, then what is the alternative?

Accountant recording an interest transaction

Q: I'm in my 2nd year, studying accounting. I read the following hadith the other day: Allah's Messenger (sallallahu alaihi wasallam) cursed the recipient of usury (interest), and its giver, and one who records it, and the two witnesses; and he (sallallahu alaihi wasallam) said, "They are all equal (in sin and penalty)" as narrated by Hazrat Jaabir bin Abdullah (radhiyallahu anhu). I am now worried, as an accountant will record interest when doing accounts. What should I do?

Equality between wives

Q: 

  1. In Islam, is it compulsory upon a person to exercise equality between his wives?
  2. In which aspects does the husband have to exercise equality amongst his wives?
  3. If a person has two wives, one young and one old, is equality waajib between both?
  4. Can you explain the method of equal distribution of time between wives and does equality of time extend to the day as well or is it restricted to the night?
  5. How will the husband divide his time equally amongst his wives if he works during the night and is free during the day?
  6. Is there equality in sexual relations i.e. the number of times the husband had relations with one wife, is it compulsory upon him to have relations with the other wife the same number of times?
  7. Does the husband still have to maintain equality in the night turns when he is ill?
  8. Is there any sin if one perceives more love within his heart for one wife, though he shows equal attention and maintains equality between his wives?
  9. Is equality waajib during a journey?

Insurance agent

Q: I cannot support my family for last 4 years because of health issues. I require a job that is relaxed indoors. Cannot go to school due to lack of funds. I have been offered a position as an insurance agent (they are paying for course) selling auto insurance which is mandatory in Toronto, Canada. I only provide a quote for coverage but not binding. The insurance company does the binding/transaction. Will this be a halal option for me?

Do we receive interests from conventional banks or dividends

Q: My question is that do we receive interests from conventional banks or is it dividend?  As far as i know, conventional banks use our money to invest and the profit received is shared among clients. Now, the money may have been invested in companies which we do not know if they are "halaal" or not.  But the question remains that is the money received is called dividend or interest?