Q: I want to buy a house under the right to buy scheme but cannot get a halal mortgage. I have found no Islamic bank that offers a halal mortgage for government schemes. Please advise if I can use abnormal bank.
Q: When we take a car on loan from a bank and we pay extra money which is above the car price, is it permissible?
Q: I am trying my best not to apply for a student loan but keeping up with my payments has become so difficult and it has come to a point where sometimes we don’t have food to eat because a big chunk is going out for university payments. I need to finish my degree for my kids future.
Can I take out a student loan involving interest but pay it back ASAP? Please advice as our situation is taking a toll on my health.
Q:
1. Will it be permissible if one purchases a car by applying to the bank by depositing a certain amount of money and handing over through a negotiation of repayment of an amount financed by the bank including interest in a fixed instalments?
2. Will it be treated same as the fatwa under "paying in instalments" in the English version of "Malfoozat of Faqeeh ul Ummat" compiled by Mufti Farooq Meeruti published by Madrasah Taleemuddeen.
Q: My father bought an agricultural land almost 19 years ago, measuring 110 acres. My father is an advocate by profession and at the time of purchasing the land, my father had some money earned by himself and took some money in the shape of a loan from the bank and bought the land. I have heard that taking a loan is completely haraam, so is the land haraam for us? How do we make it halaal?
Q: Can I take a loan on interest from a bank to pay off my friends debts in order to save him from going to jail?
Q: Why is it impermissible in Shari’ah to take interest-bearing loans from the bank?
Q: I am residing in a rented house for the last 3 years and my monthly rent is being paid to a private owner by my organization. In future, I will remain living in the rented house. If I could get a loan from any bank to purchase a house for myself and pay the same monthly rent to the bank against that loan and in this way I shall become the owner of that house in 15-20 years time without affecting my financial liabilities. Is it Halal or Haram way?
Q: From my understanding, scholars in India at one point gave a fatwa that it is permissible to take loans on interest, mainy because they were living in darul harb?
From my understanding Imam Muhammad and Imam Abu Hanifah was a proponent of that position. This position is the dominant opinion in the Hanafi Madhab?
I am asking because this is a fatwa that is in the works in my local community. I have never taken loans in my life and I don't plan on it but I would like to understand the topic further.
Q: I live in a country where all systems of the government are un-islamic. Most of the time our non-Muslim counterparts enjoy all the benefits from certain policies of the government. For instance, the government set aside a multi-billion amount of money to help small, medium and large scale entrepreneurs with a single-digit interest loan, having a single-digit interest loan by a good entrepreneur is viable but for the Muslim, even less then 1% interest is haram.
Consider myself as a case study, I have a viable business idea and I spent almost a year finding a way and manner to finance it, by either interest-free loan, partnership or any Islamic accepted way but I couldn't get it. As a professional accountant I have a "masters degree in accounting and financial management". I know how to secure and manage the government loan but I doubt whether or not it is permissible in Islam when considering the above situation.