Business and Dealings

Q: I'd like to know if a bank provides a service to purchase things on instalments of 6 months for example at a 0% mark up but charges a small fee for it, would that be considered as interest? Is it halal to avail this offer? Here's what they say:

Instalment Plan

Shariah Compliant

No processing fee

Payback in easy instalments

No extra charges

How it works? Select the product, choose the plan of your choice - 3, 6, 9 and 12 monthly instalment plans available. Apply online.

Q: My car has been involved in an accident with another car. Will it be permissible for me to accept compensation for the damages from his insurance company as it was his fault?

Q: I have a question regarding 786 numbers.

1. What is the meaning of 786?

2. Is it permissable to buy and sell 786 cell numbers and licence plates?

3. Also is it permissable to sell a licence plate if someone offers a high price since it is nice numbers like 1001

Q: Can a chartered accountant, who checks and verifies the accounts of the company, audit the accounts of banking company other than interest and loan accounts. Like salaries, taxes, office expenses or miscellaneous expenses, fixed assets, share capital. What is the shariah ruling regarding it?

Q: What exactly is the definition of interest or riba? Will the return on investment for a business be considered as interest? Tell me briefly about interest.

Q: I do forex trade in Islamic account which is swap free and I don't take any leverage. For example if I deposit 10000 rupees in my account I will buy dollars from these rupees and will sell them when the price of the dollar increases. Is this profit permissible for me?

Q: I used to work in a company in which we scam people, so is the money earned halal or haraam? Can I use that money for good deeds or for investing it in halal business? If not, what must be done with that money?

Q: I was recently given a 1/3 share in a business (i.e.without investing anything). However I am currently a working partner in the business. My question is

1. Am I intitled to a salary?

2. When the shares are distributed, do I recieve any?

3. If i am not intitled to a salary, what is the way foward with regards to me recieving extra due to being a working partner?

Q: Can you use interest money to offset bank charges?