Are gifts and cash incentives offered by banks to account holders Islamically permissible?
There are various scenarios when it comes to accepting gifts from a bank: If the gift is offered to someone who has no connection with the bank, such as one […]
Should a long-term debt be returned on the due date for the amount previously borrowed or its current value today?
Some scholars rule that it gets paid with the same amount promised in the past regardless of the difference in value.Some scholars rule that it gets paid with the same […]
Is working at a bank Islamically permissible?
Narrated Jabir (RA):Allah’s Messenger (ﷺ) cursed the one who accepts usury, the one who gives it, the one who records it and the two witnesses to it, saying, “They are […]
Are student loans Islamically permissible?
Please refer to the following summary from the American Muslim Jurists Association (AMJA) fiqh council on the topic. This outlines several options which you can consider to reduce or eliminate […]
Is investing in the stock market permissible in Islam?
The underlying ruling is that trading in stocks is permissible, as with other permissible trades, as long as certain conditions are met. See the answer of Sh. Salah as-Sawy, President […]
Is it permissible to transfer an interest-based debt to a non-interest based debt or to a 0% interest rate debt, so the interest can be reduced or eliminated? If permissible, can I do it for one of my family members using my card?
When someone is already in debt with an interest-bearing debt and that person can transfer the interest-bearing debt to a 0% interest or to a reduced interest rate debt, then […]
What can Interest/impermissible money be spent on? Can you give interest money to charity in Islam?
Yes, but only as a general donation, no rewards are to be expected because it is haram in its nature and should only be spent to cleanse one’s wealth.If you […]
Is it permissible to invest in Cryptocurrencies, specifically Bitcoin?
I pray all is well and may Allah swt accept all your good deeds and bless you for your keenness, Below, please find the summary of the Islamic Economic Forum’s […]
What if the 401(k) account imposes restrictions and penalties if withdrawn prematurely?
Scholars differ in their opinions on this topic:Some scholars say, no Zakat is due if the account imposes restrictions and penalties on one’s use and withdrawal of its funds arguing […]
Is investing in 401k permissible in Islam?
The 401k structure itself is not problematic, rather the underlying investments are what determine permissibility from a religious perspective. You might consider checking with your company if they offer a […]
What is the best way to get rid of the interest money?
One should immediately dispose of it by giving it to a public charity cause, without the intention of receiving a reward for it.It is best to give it to a […]
Can I give the interest money to relatives/friends of mine who are considered poor? And do I have to inform them?
Yes, if the relative/friend is poor or needy, you may give him/her the interest money.No, you do not need to inform them of the source of the money and you […]
