Posts

Receiving Funding from a Commercial Bank

Ustadh Tabraze Azam is asked about receiving start-up funding from a bank that deals in riba. I am a revert to Islam doing my Bachelor’s in Computer Science and have been given a project in my field of study by a start-up (let’s call it X). X works in the domain of Computer Science. The […]

Are Chit Funds Allowed in Islam?

Ustadh Salman Younas is asked whether chit funds, the practice of pooling money and deciding who should receive the funds by lot, is permissible. Question: Assalam alaykum wa rahmat Allah wa barakatuh. I want to know if chit funds are allowed in Islam. I’m referring to a chit fund where a group of people pool […]

How to Avoid Usury When Exchanging Currencies?

Answered by Shaykh Umer Mian Question: Assalamu alaykum I get paid at work in a foreign currency and I always have to convert my salary to our local currency. I am trying to ensure I am not engaged in usury so I am confused on what rate I should use for the conversion. Shall I […]

What Is the Legal Reason for Interest According to the Hanafi School?

Answered by Ustadh Tabraze Azam Question: Assalam alaykum What is, according to the Hanafi school, the legal reason for interest? I’m referring to the interest with money, not the interest with the six items mentioned in the hadith. Also if the legal reason (‘illa) isn’t present then will the prohibition still remain? And if so, […]

How Can I Repay a Huge Debt Without Falling Into Usury?

Answered by Shaykh Umer Mian Question: Assalamu alaykum I am in a huge debt so in order to pay my while debt I am borrowing money from my brother for a 2 years period. I also have a business of 20% share. Can I offer my full profit to my brother as a return yearly […]

Can I Invest in a Fund That Accumulates Interest? [Video]

Answered by Shaykh Faraz Rabbani Question: Assalamu alaykum Can I invest in a fund that accumulates interest? Answer:  Wa’leykum Salam, Here is a video answer by Shaykh Faraz Rabbani to this question: Shaykh Faraz Rabbani is a scholar and researcher of Islamic law and Executive Director of SeekersHub Global After ten years overseas, Shaykh Faraz […]

Is Bonus Money From a Company Usury (Riba)?

Answered by Ustadh Salman Younas Question: Some time back I signed up for an online design website. I paid a designer to make a logo and then when I received a logo the website sent me an email giving me a £5 bonus as I am a new member. I have not used that money […]

Am I Sinful to Live With a Husband Who Is Not Concerned With Avoiding Usury?

Answered by Shaykh Umer Mian Question: My husband does not listen to my financial advice and we have to pay interest every month. For him it is not a problem and discussing this issue makes him very angry. What is my religious responsibility in this situation as I have to use his credit card? Should I get a job to avoid […]

Am I Falling Into Usury by Trying to Get a Job Using My Relationships?

Answered by Shaykh Umer Mian Question: As Salam Alaykum, I applied for a position in a company my friend is employed at. I asked him to speak to the manager so I can get an interview. I feel I have fallen into riba (usury) because I am bypassing the fair and equitable market process. Should […]