Business and Dealings

Q: I want to know about subsidizing loan sanction by the government under some scheme to minorities. It is the scheme run by the government on certain sectors. The scheme is:

25% amount of the scheme will be paid by the government and 75% of the loan will be directed to any bank to pay on interest. If we calculate the interest repayment it comes to nearly 25% which is already paid by the government. It means we get a loan with no interest and we have to pay only the principle amount. This type of loan scheme is only for particular sectors and eligibility criteria. As these types of schemes are particularly for minority community and many Muslims involve in it. Can this be halal? Please enlighten to us.

Q: I am working as a business sgent in UAE. As per law of UAE, any non-national investor must do a business agreement with a UAE nationality holder to set up any personal business in the UAE. For this business agreement, the UAE nationality holder charges an amount to the non-national investor and that amount is known as the sponsorship fee. As a business consultant, I settle the business agreement between the foreign investor and UAE national. For doing this service, the UAE nationality holder gives me a commission from his sponsor fee. Please advise me if this commission is halal or haram according to the ruling of Islam.

Q: I want to create a learming app in urdu. It will have takhtees with the voice of my nephew and exercises for learning urdu and no pictures of living things. Is it permissible to create and sell such an app?

Q: Is "musawamah" in Islamic banks halal or haram. I mean Riba-Free or not? Kindly guide. In our country Islamic banks sell consumer goods according to them which they have stocked through this financing mode on installments. Kindly guide.

Q: I often take a taxi to a neighbouring city. Whenever a person takes a taxi to that city, the taxi company charges a toll fee over the normal fee for the journey. On a few occasions, the taxi driver offered to not charge the toll by not plugging the charge into the meter. I am now worried that I may have cheated the taxi company by not paying them the toll amount. What should I do?

Q: A supplier sold fabric to a customer and delivered it to him. The fabric has not been paid for by the customer and it is highly unlikely that the customer is in a position to pay due to his severe financial debts. Do the goods belong to the supplier or customer?

Q: Six months ago my businessman friend approached me and told me that he has got a big order from his customer but he doesn’t have enough money to fulfill his order. So he asked me to invest 1 million in his business so that he can complete the order and he would pay me a profit from this order in proportionate to my investment which is around 0.4 million. Order was confirmed and payment was secured. Is this halal for me?

Q: Does Islam allow us to take out marriage and education insurance policy for our childrens future?

Q: Can I take a loan from a bank for business purposes?

Q:

1. I purchased a business and wish to insure it. What is the Shar‘ee ruling regarding insuring one’s business? Similarly, please explain the law of insuring one's vehicle.

2. Could you also explain to me the Shar'ee ruling regarding medical aid and hospital plan?

3. Is Takaaful insurance permissible? I was informed that this is an Islamic insurance and is therefore permissible.