Business and Dealings

Taking a loan on interest

Q: I work with a company and its operate a cooperative where any employee can be saving any amount from his or her monthly salary. And one can choose to collect loan and he will pay 10% interest of the amount he collected over period of time. Then at end of every year the 10% interest collected from those people that collect loan will be shared among the people that are saving money in the cooperative including those that collected loans and paid the interest. So my question is; is the transaction halal and the interest one paid and received?

Giving a bribe

Q: I am a rep for a medicine company. We have to visit doctors to promote our medicines. The doctors are not receptive towards us until we give them a bribe. In this case, will it be permissible for us to give a bribe?

Bribery

Q: My question is a regarding business.

I have a store and sometimes I get some guys to buy from me goods for their organisation. (I have no idea who they are funded by). They will only bring to me business if I give them commision. So what I do is if I am selling something for 5000, I quote them 5500. After quote is accepted they give me 5500 and from there I will give them 500 as commision. I want to know is this a halal method? If not can you explain to me in detail a halal way so that we can carry on with business in our shariah way and follow the sunnats of our Prophet Muhammad (Sallallahu Alaihi Wasallam).

Avoiding interest when purchasing a house

Q: I am planning on buying a new house that costs $250,000. However, I do not have enough money to pay the full amount up front and I do not want to pay interest on the house. The deal I have worked out with the company selling the house is that I will pay $300,000 for the house but I will not pay any interest. Meaning, I will pay $2,000 every month for 150 months for a total of $300,000. This way the company will make some money on the house and I will not pay any interest.

Is this a permissible deal for me to make?

Paying back more than the loaned amount

Q: Say, suppose, I had borrowed some money from a certain person (not specific) about few years back. When I return the money to him, do I return the exact amount or should I include some extra amount accounting for the inflation that would have occurred during the years. Would including the extra amount mean I am giving interest and would it be a haram?