Q: I have a bank account. The monthly service fee is R169. There is an option, if a balance of R10 000 is maintained for everyday of the month they will give me a rebate in return depending on the balance. e.g. If the balance is R40 000,the rebate is R65. Will it be permissible to take this option? I am asking because I see it as a way of paying less bank charges.
Q: In the U.K., the Government runs the National Savings and Investments Premium Bonds and encourages citizens to purchase Premium Bonds. Instead of paying interest, monthly prize draws are held and cash prizes can be won. The scheme is backed by HM Treasury and one can be confident that all the money invested in Premium Bonds is 100% secure whether or not one wins a prize. One can cash the Bonds at any time at get the money invested back. I would like to know whether it is permissible to purchase these Premium Bonds and can any cash prizes won be deemed halaal?
Q: Is eBucks offered by the FNB bank related to intrest and if so is it permissable to make use of eBucks?
Q: I am a 36 year old man who was born and lived in India for 20 years and moved to North America now. I am married and have 2 children. Now I am thinking about buying a home on bank loan and of course there will be interest involved. Will this stop me performing Hajj? We (wife & I) did our Umra last year (2012) Allhumdulillah.
Q: Can interest money be used to pay exorbitant rates on your property? Or can they be used to pay high bank charges? Can they also be used to pay tax or toll road charges?
Q: I will be hosting a car show during the course of next month and would like to find out if the proceeds from this event can go to a sponsorship for a hajj fund for people that have been accepted for hajj this year. The funds raised on this day will come from the entrance fee that each person pays to enter their vehicle. At the end of the show, the participants will receive trophies. Please advise me in this regard.
Q: I would like to know whether we can do savings of money to buy a house or keeping extra money in bank is not good and one will be accountable for it before Allah Ta'ala?
Q: My question pertains to interest which I know is forbidden in Islam and is seen as a great sin. But in the UK, through mortgages, insurances, etc., it seems virtually impossible to avoid riba (interest). I have looked into Islamic banking in the UK but I see it to be an awful alternative as it still essentially charges riba but with some clever play on words and has been dismissed by the consensus of scholars. So my question is: how do you live in the UK without participating in interest as I am struggling to see alternatives?
Q: Please could you inform me what is the ruling on vehicle and property insurance with takaful? I am aware that conventional insurance is not allowed, but is it allowed if taken out with takaful? And if not are there any halaal insurance options available?
Q: If we keep our money in savings account or fixed deposit account in a general bank then is it lawful to use the interest money the bank is giving on the money? Moreover what does shariah say about taking home loan or car loan or education loan?