Loan

In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid, and also to repay the principal amount borrowed.

57058

Khums . Home . Loan . Mortgage

In the new Khums ruling on setting off home mortgage loans, if the needs of the household change and they move to a bigger home, can the "original draw-down amount" be increased to take into account a remortgage that is purely to move home?

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 month ago

Yes, it is allowed if it is necessary.

Wassalam.

84034

Income . Social Media . Loan

Is it allowed to earn an income from social media marketing for a company that raises funds to give loans to building owners?

Any business which deals with interest is not allowed in Islam. Raising funds for loans with interest is also not allowed.

Social media marketing is like any other type of marketing, must avoid Haraam businesses.

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 6 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

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 7 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.

69103

Khums . Loan

I had lent money to a person last year. Was it a deductible expense for that Khums year? He has repaid the loan this year. Do I now have to pay Khums immediately on the repaid amount or at the end of the current Khums year on whatever remains from it?

The amount which you lent last year was supposed to be calculated in your Khums of last year but as it was not with you, you did not pay its Khums. When you received it back, you must pay its Khums immediately.

Wassalam.

64811

Mortgage . Loan . Intention

Is it permissible to buy a house on mortgage from a non Muslim bank in the UK? And what does the concept of taking mortgage loan with the intention of securing the money actually mean?

Yes, it is permissible to buy a house on mortgage from a non Muslim bank.

This is according to the most learned scholars who are known as Maraaji' of Taqleed.

Wassalam.

62765

Loan . Khums

If I have given someone a loan that has not been repaid by the time of my Khums calculation date, do I have to pay Khums on that money right away or when I receive it back?

You can pay the Khums of that amount now (on the date of your Khums) if you are sure that it will be returned to you, or wait until it comes back to you then pay its Khums.

Wassalam.

61110

Du'a (Supplication) . Loan

I have become heavily indebted. What Dua should I recite to overcome this problem?

1. Repeating Estighfaar day and night, especially during Sojood and when are away from people.

2. Being busy in Du'a and Tasbeeh and Quran between Fajr and sunrise.

3. Seeking from Allah (SWT) near your parents and requesting their Du'a for you. If they are dead then near their graves.

4. Reciting Sura Yaseen every morning and Sura Al-Waqi'ah every night.

5. Seeking the Shafa'ah from Ahlul Bayt (AS).

Wassalam.

60133

Loan . Interest . Car

Is it permissible to take a bank loan with interest? And what should a person do if he has such a loan and has already utilized the money such as on a car? Does it affect the permissibility of using that car?

If you take the money from a Non Muslim bank and use it in lawful way, then it is allowed.

If you take the money from a Muslim bank, then you must have with them an agreement within the frame of Islamic rules of business.

Wassalam.

57057

Khums . Home . Loan

Is the new Khums ruling on setting off home mortgage loans optional? Can one instead continue to pay Khums each year despite having a mortgage, and adjust the monthly mortgage amount for life?

Yes you can continue to pay Khums each year despite having a mortgage and adjust the monthly mortgage amount as expenses.

Wassalam.

50476

Woman . Khums . Husband . Marriage . Loan

How does an employed married woman calculate the amount of khums if she contributes in the household expenditure with her husband? Can she net off any loans owing by her husband to others or will her khums calculation be independent and separate?

Zaid Alsalami, Shaykh Dr Zaid Alsalami is an Iraqi born scholar, raised in Australia. He obtained a BA from Al-Mustafa University, Qom, and an MA from the Islamic College in London. He also obtained a PhD from... Answered 1 year ago

Bismihi ta'ala

A woman, single or married, is independent in her takaleef and obligations towards Allah ta'ala, even in financial matters.

A wife is not obliged to financially contribute to household expenditures, however she is able to do so out of her kind generosity and good-will. She is able to count that as her common expenses.

As for long-term loans, and her contributing to getting it paid of, it will not exempt her from khums should she have anything entitled for khums on her khums day.

And Allah knows best.