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Loans & Debts

Loans & Debts (142)

Processing fee for a loan

Submitted by user2 on Thu, 2017-08-03 08:40

Q: One of the banks in my residence country is offering a short term interest free loan. I am only interested in using this loan because it is interest free. It has a fixed processing fees (1 % of the amount of loan) and a onetime fixed insurance fees to be paid. Can you please advise, if it is alright to utilize this loan.

Category: 
Business and Dealings
Loans & Debts
Loans

Avoiding paying interest

Submitted by user2 on Thu, 2017-07-20 08:26

Q: While I was studying at university (in the UK) I regrettably took out a student loan due to my lack of deen at the time, now I have come to realise that this was totally impermissible and wish to make amends.

According to the terms of the loan, I do not need to repay the loan if I earn below £17,775 per annum. The loan will be written off if I do not earn above this threshold after 25 years. I can repay the loan (plus interest) and make taubah but I feel very uncomfortable with this. My other option, which I am fully prepared to undergo, is that I continue to earn below the threshold for the next 25 years. I want to know:

1. Whether it is permissible to deliberately earn less in order to avoid paying any interest?

2. Whether I should repay the loan (through voluntary payments) but not the interest?

3. Whether I should simply repay every thing and just make taubah thereafter?

Category: 
Business and Dealings
Loans & Debts
Loans

Guaranteed Future Value Scheme

Submitted by user2 on Thu, 2017-05-04 07:58

Q: I have seen an advert which offers paying a fixed amount per month for a vehicle valid on the Guaranteed Future Value Scheme. Is this permissable? If so, is it advisable?

Category: 
Business and Dealings
Loans & Debts

Prize bond business

Submitted by user2 on Tue, 2017-04-25 08:41

Q: The prize bond business and saving is halal or haram?

Category: 
Business and Dealings
Loans & Debts

Paying back more than the loaned amount

Submitted by admin on Wed, 2017-04-19 07:15

Q: My question is in business if some one lends money to other company for help and that company returns money very late but returns with extra money added. Should we keep that extra money or return? Please make a point that the lender got loss in business because of the borrower returning the money late.

Category: 
Business and Dealings
Loans & Debts
Loans

Giving one the usage of the home due to the loan

Submitted by user2 on Tue, 2017-04-11 19:37

Q: I have a house. I borrow some money from one person and I give him my house for one year. After one year, I take back my house and pay back his money. Is this permissible?

Category: 
Business and Dealings
Loans & Debts
Loans

Taking a loan on interest

Submitted by user2 on Mon, 2017-03-13 07:49

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?

Category: 
Business and Dealings
Loans & Debts
Loans

Taking interest free loans

Submitted by user2 on Sat, 2017-03-11 14:57

Q: Is it permissible for a Muslim to take loans for their business or making homes of  their own?

Category: 
Business and Dealings
Loans & Debts
Loans

Paying back more than the loaned amount

Submitted by user2 on Thu, 2017-03-09 07:23

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?

Category: 
Business and Dealings
Loans & Debts
Loans

Giving a little extra when paying back a loan

Submitted by user2 on Tue, 2017-03-07 08:26

Q: If a person has a debt owing to another person and they pay them back a little more than they originally owed them, e.g they owed £90 but gave them £100 back, out of nothing more than goodness, is this considered riba? Must the exact amount be paid back?

Category: 
Business and Dealings
Loans & Debts
Loans

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