Q: My friend asked me for a loan of R10 000. He said that he will pay me back the R10 000 after a week. There is no extra amount that I asked him to pay over and above the R10 000. However, since he asked me to eft the amount to him through which my bank will charge me R7, I asked him to pay my bank charges i.e. to pay the R7 which my bank will be charging me to do the eft. Is it permissible for me to take the R7 from him for the eft charge?
Q: My friend asked me for a loan of R100 000. He asked me to bring the money to him. I live in Pmb and he lives in Durban. Is it permissible for me to ask him to pay my petrol money for me to bring the R100 000 to him (i.e. R200)?
Q: My daughter works in a health company. Few days back one of her colleagues asked for 1000 dirhams from each person to give daman company and in return they will get 2500 all together. So she also gave without thinking how this works. Later when asked, we came to know that it’s a reimbursement of a fake bill of Ayurvedic treatment which is included in her insurance card but she didn’t actually do any such treatment. Now it’s time to get the given 1000 dhs plus extra 1500 dhs (reimbursement).
Is it permitted in Islam to use that money? What do I do?
Q: I am an Attorney specialising in conveyancing.
As part of the process, certain debts need to be paid by sellers before transfer is taken and the money is paid for them.
Hence there is a service by third parties called bridging finance. They essentially give a seller a loan against the impending purchase price coming in. This service is probably a riba based model.
I only refer non-Muslim clients to them. For that referral, the third party offers me a referral fee. Is that referral fee halaal for me ?
Q: Before our marriage, my wife financed a car with an interest-bearing loan. I am not on the loan or title and had no involvement in the original contract. After marriage, I voluntarily began making the monthly payments. About $15,000 remains.
Recently, I became concerned that making these payments may involve me in riba, so I offered to pay the entire balance immediately. My wife asked me to continue the regular payments for two more months because of a pending diminished-value insurance claim. I made one more monthly payment, despite being financially able to pay off the loan.
My questions are:
Am I sinful or considered the “payer of riba” mentioned in the hadith because I make payments on my wife's interest-bearing loan, even though I am not the borrower or owner? Was I sinful for making another monthly payment after I was able and willing to pay off the loan in full?
Q: There is a government youth development department here. There is a loan project and it was declared on the terms 9% service charge for women with no Riba.
9% at gradually low rate.
Is working as a youth development officer halaal there or taking the loan?
It’s a charitable government department but yet there is that 10% service charge for men, 9% service charge for women, etc. rate for other gender.
Q: If one took a riba based loan, and he repents, should he repay only the capital portions of the loan or also the interest on the loan?
Q: Two parties want to enter an agreement: Person A wants to loan money to Person B.
The amount is marked up by 10% and the repayment is over a fixed period e.g. 4 years.
If there is a clause in the agreement to say that if you pay by 3 years, you will get R2000 back.
Is the rebate of the R2000 clause permissible? Is the allocation of marked up shares permissible?
Q: I have a great academic background and I want to continue my studies abroad. The country I am currently living in is Afghanistan, so my financial circumstances are not good and for continuing my studies I am not going to be able to pay for my education expenses.
Can I get a loan and this loan has been accompanied by interest. Studying abroad is my dream and I can make my future through this. So can I get the loan?
Q: Will it be permissible to take a loan from a person and in return, instead of giving them a profit share, could you give them an item of the stock that you will be purchasing with that same loan amount?
Example, you loan R100 000 from a person to buy clothing stock. You agree to pay him on a certain date and then you give him a few items of that clothing.