Interest and Gambling

Q: What is the ruling regarding opening a bank account?

Q: I hail from India. I have purchased car insurance by paying yearly premium of amount 6ooo. Can I claim insurance for damages equivalent to the premium paid or lesser?

Q: I have been told that student finance is permissible even with the inclusion of interest. The Moulana has said that it has similar rulings to car insurance. Please advise.

Q: Person A has said that for a self employed person who has to declare his profits at the end of 1 year in the UK, it is jaaiz for him to purchase a car on interest because if he does that, he’ll be paying less tax to the government as he believes that tax is haraam.

He says this isn’t permissible for a person who isn’t self employed as such a person pays tax according to his fixed salary irrespective of where he spends his wage on. (He says that this is how the system works in UK for tax.)

What is to be said of this?

Q: Is it permissible for one to purchase a vehicle or property through the bank? At times, the bank instalments are fixed, and at times, it fluctuates. What is the Shar’ee ruling in both situations?

Q: What is the difference between a service plan and medical aid, insurance or hospital plans? All seem to render a service to the person in case of need.

Q: A person runs a business and sells goods to people on account. What provision does Islam have for this person’s security in terms of him getting his money on time as it is not permissible to charge a penalty upon late payment? Sometimes, the account can be so huge per month that it can bring his entire business to a standstill.

Q: Is it permissible for one to enter into a competition where one is required to pay a fee and then stands a chance to win a prize? In the case where one does not win the prize, one will lose the fee that he had paid and receive nothing.

Q: When our customers pay using credit cards, is it permissible for us to allow them to choose the “budget” option?

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?