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Loan with Profit from Islamic Bank

Loan with Profit from Islamic Bank: Riba?

As-salamu `alaykum. I would like to know: In Islamic banks where they say they follow the Islamic rules and regulations but in reality what made me shock is when they give loans, they charge the fixed rate as an interest but the name changes to profit instead of saying interest. Could you, please, explain how I can know that a bank follows the Islamic rules and regulations properly? Thank you.

Bank Account in Non-Islamic Bank

Bank Account in Non-Islamic Bank: Permissible?

Wa `alaykum as-Salamu wa Rahmatullahi wa Barakatuh. In the Name of Allah, Most Gracious, Most Merciful. All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. In this fatwa: 1- You shod search for an Islamic bank in your area. If you found one, you should avoid dealing with …

Can I Accept IT Job for a Bank?

Can I Accept IT Job for a Bank?

Wa`alaykum As-Salamu wa Rahmatullahi wa Barakatuh. In the Name of Allah, Most Gracious, Most Merciful. All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. In this fatwa: It is permissible to work in any department in a conventional bank as long as you do not prepare any interest-based contracts or sign them on …

Is Mortgage Permissible in Nigeria?

Is Mortgage Permissible in Nigeria?

Wa `alaykum as-Salamu wa rahmatullahi wa barakatuh. In the Name of Allah, Most Gracious, Most Merciful. All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. In this fatwa: 1- It is the responsibility of the Muslim families to highly observe their finance, especially regarding riba (usury) which is strictly forbidden …

Buying a House with Interest on the Price

Buying a House with Interest on the Price: Permissible?

Wa `alaykum as-Salamu wa rahmatullahi wa barakatuh. In the Name of Allah, Most Gracious, Most Merciful. All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. In this fatwa: 1- It is clearly known that usury (riba) is impermissible (haram) either in housing or any other dealings. 2- As …

Checking Bank Account

Opening Checking Bank Account: OK?

Wa `alaykum as-Salamu wa Rahmatullahi wa Barakatuh. In the Name of Allah, Most Gracious, Most Merciful. All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. In this fatwa: It is allowed to open a normal bank account as long as you don’t get interest. In his response to …

What Should I Do with the Interest Credited to My Account?

What Should I Do with the Interest Credited to My Account?

Wa `alaykum As-Salamu waRahmatullahi wa Barakatuh. In the Name of Allah, Most Gracious, Most Merciful.  All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. Dear questioner, we would like to thank you for the great confidence you place in us, and we implore Allah Almighty to help us serve His cause and …

Job

Can’t Find a Job Except in a Bank: What Should I Do?

Wa `alaykum as-Salamu wa Rahmatullahi wa Barakatuh. In the Name of Allah, Most Gracious, Most Merciful. All praise and thanks are due to Allah, and peace and blessings be upon His Messenger. Dear brother, thank you for your question and for your commitment to Islam’s ruling concerning earning your living. Working in a bank may …



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