Q: I live in India, and employed in a company. I get my salary in cheque which would be deposited to my 'saving account in the bank'. It generates interest after every two or three couple of months according to the norms. I pay income tax on my salary and if the interest that is generated reaches a particular amount then I have to pay tax on that also. My question is: Can I use that interest amount in exchange of the income tax I pay?
Q: Can I use interest money to build a toilet for my personal use?
Q:
1. If I have a FNB Islamic cheque account, and when I use swipe my cheque card I get E-Bucks, can I use this E-Bucks?
2. If not what can I do with it?
3. If FNB offers clients who maintains R50,000 as balance, then no bank charges will be charged, if the R50,000 balance is not maintained then a bank charge of R199 is charged, am I allowed to maintain the R50,000 and save on the bank charges? Or is this saving interest?
Q: Many people who receive benefits from the bank such as airport lounge access pay high bank charges or card fees e.g. Zaid’s bank charges are R300 000 for the year. After paying the bank so much in bank charges, why can he not take a R300 benefit from the bank by using the lounge facilities?
Q: What is the definition of riba?
Q: My family has a normal medical aid policy for me and other family members. Chronic medication is claimed. The amount that is paid to the medical aid each month is far more than the value of the medication. Is it permissible for me to take the medication? Is the medication haraam?
Q: I have 5 bank accounts in india and all are giving interest on my deposited money. when i got interest i will write in my diary date and amount and after all banks have given interest i will add and sent all the amount to charity like patient or orphan for education etc. but this amount i will sent from one bank. my question is my method do doing interest money is correct or shall i withdraw cash from each bank separtely and pay for charity. please expplain the right method of interest payment.
Q: Old Mutual life insurance investment funds.
1. If the family gets paid out from such an investment, will it be permissible for them to use that money?
2. If not, can it be given to a family member legible for zakaat or to pay Sars, fines etc.
Q: I am an accounting student and have little concern with regards to the system we make our payments and possibility of any interest involved in the payments. Our payments include the examination fee payed few days before the examination session and an annual subscription fee to remain an active student.
Firstly, the examination payments can be made in three periods. The earliest the payment made, the lowest would be the payment. However, sometimes due to late examination decisions the early payment period passes by and we have to make standard payment that is higher than early payment. Is the difference between the early and standard fee considered as interest? I have heard that all penalties arising due to late payment are haram and therefore the higher amount payed as a result of not being able to pay in the early period for some reason a kind of penalty. It is also possible that the extra amount is to encourage most students to make payment as early as possible.
Second, I have heard that the annual subscription payed every year to remain an active student involves interest. Is that true? This would be a lifetime payment even after I qualify to remain an active member. Does it involve any kind of interest or penalty?
Q: I am a mother of a 1 year old child. I want to do "educational insurance policy" for my son. Is subject policy allowed in Islam?