Interest bearing loans & Transactions

Q: I live in America, and it is impossible to buy a house here without a mortgage from the bank. The bank charges interest on the mortgage. Is it permissible to buy a house on mortgage?

Q: Is a provident fund which is half collected from the employee’s salary and half deposited from the company/government on behalf of the employee permissible or is it regarded as interest? Is investing in a provident fund permissible?

Q: My question is about that my husband lost his job and he is still applying for jobs too but no luck yet and we got house on mortgage. If he doesn't get a job, we gonna lose everything. So he applied for government support (allowances). If he gets this income from government, is this money halaal unless he gets the proper job.

Q: My father has passed away and since I have no brother, the only source of income for my mother is the monthly payment that comes against the amount deposited in the saving scheme. As it is an interest based scheme, is it permissible for her to use such earnings for all her needs? She is over sixty.

Q: I want to become a pilot which will cost me £80,000. Am I aloud a student loan?

Q: I am a car dealer. Sometimes customers need leasing facilities from financial companies to finance their cars. Can I introduce them to the leasing companies and process with their loan application like collecting their Bank statements, Payslip, ID Card and submit the same to leasing companies and inform them about the rate of interest adopted by the leasing company?

Q: My dad took a credit card back in Oman and told us that he is taking it for emergency purposes and told us that he will pay back the bill within 52 days as to avoid interest according to the bank. We lately moved back to Pakistan and used the entire credit card while coming and now we have the money but 52 days end on this 15th and we have kept the money but can't find any source. So If God forbids we can't pay back before the 15'th and the interest is charged and if we only repay the principle amount but not the interest, will we be punished? Is it haram?

Q: Six years ago I applied and received a student loan from Iqraa Trust. At this point in time I was not aware that majority of their funds received is Interest money from financial institutions. My questions are:

1. Have I committed a sin by accepting the student loan without knowing it is interest?

2. Can I repay the loan that they gave me using Interest money?

3. Will students who know that it is Interest money but accepts it as a student loan to be repaid back be sinful?

Make maaf for asking such a question, but after doing some research I found out that their is no Aalim on their board or who is associated with them that could guide me on this issue.

Q: I am working in a private software company from the last 10 years and over the few years, my bonuses and some part of salary amounts are not received (approximately 6 lacs INR) from my Employer due to financial issues of the company. I trust my Employer and there are no issues there. However, it is difficult for my employer to pay me that much amount to me and as the current trend of company, if ever they have to pay, it will take at least 2-3 years for me to receive my money and that too in several installments, which will not be much use to me. So here is what I am planning. I wanted to ask my employer to buy a car for me (its current worth is 5.2 lacs). The employer can take it in form of EMI and can buy me the car, so that he can take care of paying monthly installments. But here, with EMI, the car amount will become 6 lacs (because of EMI, interests, etc).

1. Now if I take the car and consider that as payment for my 6 lacs amount, it looks like I have taken the interest, because my money went in buying the car as well as paying the interest amount. Is my understanding correct? Is there a way for me to execute the plan without me taking the interest?

2. Can I ask my employer to pay me remaining 80k (6 lacs - 5.2 lacs) separately. So even though the car costs 6 lacs (due to emi), the company takes care of the additional 80k. My money 5.2 lacs only goes towards the actual cost of the car and not towards interest. Is this correct way of asking company to take care of additional burden?

3. Is there any other alternative way?

Q: I need a loan from the bank, but they are charging interest. Can I take that loan or I will find another bank that gives me an Islamic loan.