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.

105051

Interest

Is it allowed to pay rent to someone whose main business is lending money on the basis of interest?

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 1 year ago

As far as you are renting his property, you must pay the rent to him, no matter what is his business.
Wassalam.

104598

Interest . Investment . Stock . Loan

Is it allowed to invest in stocks of companies that are financed by interest-bearing loans even though the company produces Halal products?

If the company is dealing with Halal products only and the finances were taken from non Muslim banks or financial institutions, then it is allowed to invest in its stocks.

Wassalam.

101730

Interest . Loan . Western Society . Investment

As someone who lives in the West, can I buy shares of American companies that have debt and pay interest on their loan that is taken to finance or expand their business?

It is allowed to buy shares of any company which does not do Haraam business like alcohol, gambling, pork etc.

Company with whole allowed business but taking loans from the non Muslim banks, does not make the company Haraam.

Wassalam.

80114

Husband . Bank . Interest . Employment

My husband works for a bank. We keep arguing about his job as it is based on interest but he does not wish to change it. Is it permissible for a wife and children to eat and spend from this money as I don’t want to leave him?

Working in interest in not permissible in Islam, but banking jobs include trade, investments, import and export etc which are permissible. If your husband works only in interest and nothing else, then his work is fully unlawful and his income is unlawful, but if he works in interest and other lawful jobs, then his income include lawful money from which you can utilize.

Wassalam.

80247

Bank . Interest

I wish to donate bank interest credited by my bank on the understanding that I am not allowed to utilize it. Can I deduct bank charges and give away the net amount?

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.

74075

Interest . Bank

Is it allowed to take interest from non-Muslim banks? If so, how is it any different from a situation where alcohol was offered by a non-Muslim without being demanded?

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.

75703

Bank . Interest

Can I know the reason why it is allowed to take bank interest from non-Muslim banks? What is the evidence for it from Shia and Sunni scholars?

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.

74791

Loan . Bank . Interest

If we are going through financial difficulties, are we allowed to take a loan from any Islamic bank that does no interest?

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 years 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

70816

Interest

Can I give the amount of money that I received as interest from my bank account to my poor father to repair the toilet in his home?

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.

71226

Interest . Loan

Is it permissible to charge interest on money loaned to someone?

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 2 years 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.

66197

Interest

Can I get my helper some things or give her money for buying something from the interest amount earned on my bank account that I don't believe I am allowed to use for myself?

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.

67718

Spirituality . Interest . Credit Card

Does owning or using a credit card affect someone's spirituality? If interest is Haram and so badly condemned what is its impact?

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 3 years 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.”