Q: Ten years ago, there was a businessman whom we would deal with. Eventually, he became bankrupt and ran away. There are many people who he owes money to. I owe a certain amount of money to this person. Can I give the amount to someone who he owes money to so that I become absolved of my debt?
Q: I wanted to ask that a family member of mine took a personal loan of 3 lac from the bank using my details. The agreement made at that point was that my account will only be used to apply for the loan whereas the loan amount and all the installments along with interest will be paid by her. At that time I had no idea that interest taking and giving is haram in Islam. I agreed to that and the amount was taken by her and it has been four months. She is not paying the installments and every month she gives a reason of not having cash to pay installments.
Since the bank has my details therefore I have to pay the installments as a compulsion or out of helplessness, as the family member is not agreeing to pay the installments and comes up with a new excuse every time. I am very worried and want to ask that since I had no idea of the loan being haram and now that I have come to know it, but now I am bound to pay that... please tell me what should I do as I am afraid of Allah for being punished as being a facilitator in applying for a loan and now also paying the installments. What should I do??
Q: I have to teach students the advantages and benefits of taking loan and paying interest as it is given in the syllabus of finance.
Example: When a Company takes a small amount of loan and pays interest, it gets many benefits like tax deduction on interest paid and other benefits... I am just teaching and it is my job. I am not paying or using or consuming interest in my daily life as it is haraam. Please tell me if I am doing any sin or I will be punished for just teaching the syllabus to students?
Q: I have an interest loan which is fixed interest car loan. However i need a car for work and i am a salesman. I know this loan is haraam. I have asked family and friends to give me a loan but failed. Now I'm stuck with this loan and i would like to find out is there any place where i can get a sharia loan as i hate to be in interest. Please help as i have no barkat and i can pay any muslim willing to help me a profit rather than being in interest.
Q: I have a question regarding student loans which are taken from universities. If say for example someone owed me a couple hundred pounds and they give me the money from their student loans, is it halal for me to take that money.
Q: There is a bank here which is offering me personal loan. I was not interested in taking that because it is haram as they will get more money in return of the money they gave me. However the bank showed me a stamp of their personal loan option from the sharia council. So can I rely on that stamp fully and avail this option. I do not know about the minor details like will they charge more if my instalment is delayed or etc but it has been approved by the sharia council so is it allowed in islam?
Q: I want to buy a Prado on instalments but I do not have sufficient downpayment so there is this dealer who is offering me a Prado without any downpayment. The price of the car is 73000 AED right now but if I calculate the instalments that I have to pay then it sums up to 85000 AED. So is this haraam or allowed in Islam?
Q: I'm buying a flat in installments. The company is giving discount if I pay the installments prior to the due date. Is it interest? Is it halal?
Q: My cousin is buying a house. He asked if I could write him a cheque for a certain amount and he would give me cash. My question is, if the cash he gave me is (maybe) from a haraam source, is that money still halaal for me? As I gave him my halaal money.
Q: I live in UAE and is it possible to get a loan from an Islamic bank. What is the difference between Islamic banking and conventional banking because both are offering same kind of products.