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View By Subject 88 fatwas
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Using orbit points on current account in interest-based bank
Assalaamu alaykum. I am using acurrent account just to keep my money safe. I hate getting interest. I want to clarify an issue; my bank has launched a new scheme through which they give every customer some ''orbit points'' on different sort of transactions or money deposits, money deposited, using cards, doing shopping with cards, etc. according to.. More
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Paying bank charges from interest money
Are we allowed to pay our bank charges with interest money? For example, the money that the bank charges for the withdrawal of our own halal money? We do not want interest; we do not want to use it in anyway; we just want to give back their money which they give as interest in the form of bank charges. If we do not pay these charges to the bank from.. More
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Opening account without interest in interest-based bank out of necessity
Assalaamu alaykum. I have a question which I am very concerned about. In order to study at an Austrian university, I am requiered to open a bank account and deposit a large amount of money in order to get a visa, and my student dormitory also wants me to open a bank account so that they can take the monthly rent from my account. Is this considered a.. More
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Money notes from usurious banks not unlawful
Assalaamu alaykum. I live in Bangladesh. There are many Islamic Banks nowadays. Let us assume that all of them are Islamic. Nevertheless, they have to deal with the money notes of the Central Bank of Bangladesh which is a 100% interest-based bank. Some of my friends say that Islamic Banks cannot be halal because the money notes that they use come from.. More
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Depositing money in interest-based bank
I have a mudaarabah savings account in an Islamic bank, and my father has an interest-free savings account in an interest-based bank. My father gives me a certain amount of money to deposit in my account. After some days, however, he asks me to withdraw the money from my account and also asks me to go and deposit the money in his own account in the.. More
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Interest given by commercial banks is forbidden riba
This particular query is only regarding the extra money termed as interest given by banks on a savings account. I have heard people say that interest paid on a savings account is also haram. Interest given on loan is haram, but how can interest given by banks on savings be termed as haram? Here, the depositor gives money to banks, banks use that money.. More
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Ruling on 'zero percent financing' car purchases
Assalaamu alaykum wa rahmatullaahi wa barakaatuh. These days, in the UAE, car manufacturers are teaming up with a few banks to bring so called '0 percent' financing. In traditional financing, like murahaba, for example, the car manufacturer gives a discount to the buyer from the original 80,000 to 70,000, which is a 10,000 discount, and the Islamic.. More
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The need to open an interest-based bank account in a non-Muslim country
Assalaamu alaykum dear brother/sister. I face the following dilemma: I live in a non-Muslim country. I am starting my own company and am in need of a business bank-account for money transactions. However, banks pay out interest money on these accounts. I want to stay away from this. They do however have the option to automatically donate the money to.. More
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Depositing money in a current account in a usurious bank
In pakistan, there are mainly 02 types of accounts that can be opened in a bank, saving account and current account.In saving accounts, we get riba on our deposits. Where as in current account types, the account holder do not get riba but the money in his account is used by the bank for getting ribaOne of the current account types is the account known.. More
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Ruling on opening a current account in a Riba-based bank
Asallam u Alaikum, I keep my money in Barclays Bank in the Uk and don't take any interest as it is a current account to keep my money safe. I have heard there is no bank here that is completely interest free(even the islamic bank). Recently I heard this bank where I keep my money is a major shareholder in an Israeli arms company(I'm not sure if this.. More
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Ruling on scholarships offered by a Riba-based bank
Asalam aleikum A riba based bank wants to offer scholarships for students in our area where majority are muslims, it has done this in other parts of the country also. The sheikhs in the area have met to discuss about it, some saw nothing wrong with accepting them but others preferred to make more research hence I decided to ask your opinion. 1. Is it.. More
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Paying ATM card fees from bank interest
Assalamu alaikum Here in india banks deduce a amount from our account yearly as a atm card fee. I want to know the ruling of using the interest money they give, for paying this fee? Pls direct me to know what can all be done with interest money in detail
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Ruling on accepting gifts from a Riba-based bank
i have a savings bank account and i dispose off the interest given by the bank. But bank also gifts its customers a yearly calendar, dairy or wallet, can i take it? If not ,then what should i do with previous gifts?
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Impermissible to cooperate with a Riba-based bank
dear brother, we are solar energy company in pakistan. can we sell our product to a bank and then bank further finance on installment to his customer. Selling and marketing is on bank and bank will charge margin for its services and leasing. We will not involve in financing, we will install solar at customer home and bank will make us full payment one.. More
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Ruling on cash back on a debit card
I have a savings bank account in a riba-based bank in India (Please note that their are no Islaamic banks in our country and I have read about the ruling on this issue).I take the interest from the bank and give the compelete amount in charity. If we use banks DEBIT card we get: 1% Cashback on all purchases. Re. 1 back for every Rs. 100 we spend. Is.. More
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