Q: I am going to retire in the near future. I dont want to deposit my money in any bank due to interest as it is haram. However, there are many Islamic Banks which also give returns on the deposits, though less.
My question is, 'Is keeping money in Islamic Banks and earning a profit halal or not'?
Q: I'm currently unemployed and had to close down my business and there isn't anyone else in my household working. I have debts too pay off apart from my usual monthly expenses. A family member has offered to give me interest money. Can I accept it and if so can I use it to pay off my immediate debts like my landlord for outstanding rental on the shop I had and one other individual and if there is money left over could I can use it to try and start a small business from home in order to try and earn an income (I don't know the amount of interest money).
Q: If x person doesn't have a good income in his business and his business is going in a loss. He doesn't have any other source of income. This x person has a relative who has some money saved in a bank. The bank gave interest to x person's relative for his money in the bank. Can the relative give this interest amout to x person?
Q: I have a credit card. When I become cash strapped I resort to the credit card due to ease of access and I always try to pay the debt on the credit card within 55 days as before this, there is no interest charged. However, buying/relying on this facility makes me feel impoverished and fearful of consuming things that I can pay for later. What do you advise me to do? Use the credit card and ensure that I always pay for the debt within the non-interest period? It is permissable to use credit cards?
Q: I live in a country where all systems of the government are un-islamic. Most of the time our non-Muslim counterparts enjoy all the benefits from certain policies of the government. For instance, the government set aside a multi-billion amount of money to help small, medium and large scale entrepreneurs with a single-digit interest loan, having a single-digit interest loan by a good entrepreneur is viable but for the Muslim, even less then 1% interest is haram.
Consider myself as a case study, I have a viable business idea and I spent almost a year finding a way and manner to finance it, by either interest-free loan, partnership or any Islamic accepted way but I couldn't get it. As a professional accountant I have a "masters degree in accounting and financial management". I know how to secure and manage the government loan but I doubt whether or not it is permissible in Islam when considering the above situation.
Q: In business, we sometimes suffer great losses when our debtors fail to pay us. To secure ourselves against these losses, we take out credit guarantee (CGIC).
How it works is that I tell CGIC, for example, that the general amount of money owed to me by my debtors at any given point is approximately R40 million. They will then provide me with credit cover and charge me 0.6% p/month of R40 million. When any of my debtors fails to pay me, then as soon as 90 days pass, I issue a letter of demand to the debtor and also inform CGIC. If the debt is not settled by 120 days, CGIC takes over the debt and tries to get the money from the debtor through legal means, etc. They then pay me 70-75% of the debt amount.
Because CGIC is a form of insurance, they also charge an excess i.e. they will not cover the first claim up to R200 000 per annum.
Is credit guarantee (CGIC) permissible in Islam?
Q: I asked the bank to change my account from profit and loss to current account and stop sending profit to me. They told me that they cannot and told me to make a new account, which I cannot do due some reasons. It is okay if I give the interest money to poor people?
Q: My municipality water account has run high due to unforeseen reasons. The amount is not a substantial amount. I am old and currently receiving pension. It will take me many many years to pay it off. Please advise if interest money can be used to pay it off.
Q:
1. If I borrow a certain amount of money from a person with the intention of paying back the exact amount to my lender but the money that has been lended to me is money that has been borrowed by my lender that has agreed to pay back with riba to his lender. Can I use the money knowing this?
2. If I lend a person money but the person pays back my money from borrowing from another person with riba? Can I accept?
3. If a person gives me a gift but I doubt if the gift is bought from haraam money. Can I take it?
4. I lend someone $180 but they pay back me $200 without me asking can I keep?
Q: The profit which a bank monthly offers against bonds/certificates is halaal or not?