Q: We do not charge interest on overdue accounts, but we find that because of this, both Muslim and non-Muslim companies take advantage and delay the payment of their accounts. Is it permissible to charge interest on their overdue accounts because of this? If it is permissible then what should be done with the interest money? If not, then what is the alternative?
Q: I'm in my 2nd year, studying accounting. I read the following hadith the other day: Allah's Messenger (sallallahu alaihi wasallam) cursed the recipient of usury (interest), and its giver, and one who records it, and the two witnesses; and he (sallallahu alaihi wasallam) said, "They are all equal (in sin and penalty)" as narrated by Hazrat Jaabir bin Abdullah (radhiyallahu anhu). I am now worried, as an accountant will record interest when doing accounts. What should I do?
Q: I cannot support my family for last 4 years because of health issues. I require a job that is relaxed indoors. Cannot go to school due to lack of funds. I have been offered a position as an insurance agent (they are paying for course) selling auto insurance which is mandatory in Toronto, Canada. I only provide a quote for coverage but not binding. The insurance company does the binding/transaction. Will this be a halal option for me?
Q: My question is that do we receive interests from conventional banks or is it dividend? As far as i know, conventional banks use our money to invest and the profit received is shared among clients. Now, the money may have been invested in companies which we do not know if they are "halaal" or not. But the question remains that is the money received is called dividend or interest?
Q: I work for the auditor general. The organization is responsible for the audits of all government departments, municipalities and government boards. The company requires me to be part of the audit of the KZN gambling board. Will I be sinful for participating in the audit?
Q: We operate a car wash, and from time to time, some damage is caused to the vehicles of customers. Obviously, the workers do not have sufficient money to pay for the damages they cause and we end up paying for them. Will it be permissible for us to take out a 3rd party policy for such cases since we are not at all responsible for these damages?
Q: I, as an employer would like to include the following conditions in my employment contract for my staff:
I would appreciate you to expound on them being acceptable in Shariah, with proofs of Quran and Hadith.
Q: Is it permissible to work in the insurance industry as an accountant/bookkeeper?
Q: Al-Farooq Masjid utilizes today’s technology to collect funds via credit card. The method we use to perform this transaction is creating a merchant account which has no cost at all to the Masjid. Once this account is established, we are able to swipe credit cards using a mobile device (iPad). Once the donor swipes their credit card for a set amount, that entire amount is deposited into the Masjid bank account. A few days later, the merchant will automatically withdraw a fee based on a percentage rate (3 to 5%) of each transaction as a service fee.
We would like to know if it is permitted to continue using this method as a form of collections, and if we do continue, do we need to make the donor aware of the 3 to 5% service fee incurred after we complete the transaction?
Q: What are the categories of interest that are strictly haraam? Does interest credited to savings accounts by banks also included? Can one offset such interest received against bank charges and only dispose off the excess if the interest is not permissible?