Interest

Interest, in finance and economics, is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.

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Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 3 weeks ago

Yes you can do so although it is not forbidden to utilize any amount added on your money if you did not put a condition of usury or interest.

Wassalam.

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Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 2 months ago

Alcohol is absolutely forbidden for us as Muslims. Even if we meet or work with non  Muslims who drink alcohol, we are always not allowed to drink alcohol.

Interest has different situation. It is not allowed between Muslims, but when they deal with Non Muslims who usually take interest from Muslims, the Muslim scholars say that Muslim is allowed to receive interest from Non Muslims who give it as part of their financial dealings.

Wassalam.

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Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 2 months ago

We have many Hadeethes in our books that it is allowed to take interest from non Muslims who consider interest as permissible for them.

You need to follow the verdict of the Marji' of Taqleed.

Wassalam.

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Seyed Ali Shobayri, Seyed Ali Shobayri is of mixed Iranian and Scottish descent who found the path of the Ahlul Bayt (a) by his own research. He holds a BA in Islamic Studies from Middlesex University through the... Answer updated 2 months ago

Bismillah, 

Asalamu Alaykom, 

Such loan is permissible to take. Some scholars also allowing taking loans with interest if it is absolutely necessary and the person is in much hardship. 

May Allah grant you success 

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Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 3 months ago

If your father is poor, you must provide him with whatever he needs. It is compulsory on you to bear the expenses of your family (wife and children) including your parents if they are in need.

Money given to you with out your condition, by non Muslim bank can be either used by you or given t the poor.

Wassalam.

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Abbas Di Palma, Shaykh Abbas Di Palma holds a BA and an MA degree in Islamic Studies, and certifications from the Language Institute of Damascus University. He has also studied traditional Islamic sciences in... Answered 3 months ago

as salam alaikum

usury, or charging interest on money loaned, is one of the major sins and therefore it is not permissible.

With prayers for your success.

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Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answer updated 3 months ago

You can give that amount to the poor including your helper if he or she is a needy believer.

If the interest was given or added on your money with out condition from you, you are allowed to utilize it or donate it to poor and needy.

Wassalam.

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Amina Inloes, Amina Inloes is originally from the US and has a PhD in Islamic Studies from the University of Exeter on Shi'a hadith. She is the program leader for the MA Islamic Studies program at the... Answered 5 months ago

I am not sure if it is possible for anyone to offer a conclusive viewpoint on the spiritual impact of using credit cards, since credit cards are quite new and are part of the institutional structure, as opposed to collecting interest from someone vulnerable in a person-to-person transaction.

However, at the least, having credit card debt causes a lot of stress, and having a credit card can also encourage overconsumption and spending beyond one's means, so it is good to be cautious of these things unless it is an emergency or there is no other option. No one ever not-regrets having to pay interest on a credit card.

As for interest in general, the Qur'an is quite clear about its impact. For instance: "Those who devour usury shall not rise except as one rises who is felled by the touch of Satan. That is because they say, 'Buying and selling are simply like usury,' though God has permitted buying and selling and forbidden usury. One who, after receiving counsel from his Lord, desists shall have what is past and his affair goes to God. And as for those who go back, they are the inhabitants of the Fire, abiding therein. God blights usury and causes acts of charity to grow...."(2:275-6)

In addition, it is related that Imam Ali (A) said: “The Holy Prophet (S) has cursed one who accepts interest, one who pays interest, one who buys interest, one who sells interest, one who writes the contract of interest and one who is the witness of this transaction.”

Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 5 months ago

You can use a Debit Card which does not involve borrowing and keeps you away from the interest.

Wassalam.

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Abbas Di Palma, Shaykh Abbas Di Palma holds a BA and an MA degree in Islamic Studies, and certifications from the Language Institute of Damascus University. He has also studied traditional Islamic sciences in... Answer updated 5 months ago

as salam alaikum

this opinion of some Maraji' is based on ahadith like the followings:

It has been reported that the Prophet, peace be upon him and his family, said: "There is no Riba between us and the people who fight us".

It has been reported that Imam Sadiq, peace be upon him, said: "There is no Riba between a Muslim and a Dhimmi".

On the other hand, we find hadith like:

It has been reportes that it was asked to Imam al-Baqir, peace be upon him, "Is there any Riba between me and the polytheists"? The Imam answered: "Yes". 

All the above-mentioned ahadith can be found in the book "Wasa'il al-Shi'ah" by Shaykh  Hurr al-'Amili.

Another evidence is given by the fact that taking the money from a non-Muslim with mutual consent is allowed by consensus; therefore the interest taken from a non-Muslims should fall in the same category.

However Riba is one of the major sins and it is categorically condemned in the Qur'an and sahih ahadith with no exceptions. That is why you may find ulama that have opted for a more precautionary stance not allowing Riba in its absolute sense.

With prayers for your success.

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Abbas Di Palma, Shaykh Abbas Di Palma holds a BA and an MA degree in Islamic Studies, and certifications from the Language Institute of Damascus University. He has also studied traditional Islamic sciences in... Answered 8 months ago

as salam alaikum

interest has been defined as "money paid at a particular rate for the use of money lent". It is one type of usury (riba) and it should be avoided.

Another type of usury/riba is an "exchange of the same good by unequal quantities or qualities" that some may still define as a form of interest but technically and according to common view has not been considered as such.

With prayers for your success.

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Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 9 months ago

Yes, it is allowed to open an account in non Muslim banks. The interest which they usually add on your money is allowed for you to take as far as you did not put a condition on them to pay you interest, but you know that they usually pay interest.

Wassalam.