Interest: Varying rates of interest on bank accounts Q293 :You have mentioned that fixed interest is one of the two reasons which make using a bank deposit account forbidden from the Islamic point of view. However, some banks give a varying rate of interest. My bank is offering a facility by which one’s account gains…
Interest: Spending interest Q292 :The interest we receive from the bank on our deposit we distribute to the poor as charity. We are unable to act on the suggestion that such interest could be used to provide public services such as toilets, cemeteries, etc. The only way is to distribute it to the poor. Your…
Interest: Setting off interest against interest Q291 :Sometimes an individual may find himself having some money which he can deposit in a bank, and he may have borrowed a loan to finance the purchase of his house. Is it permissible to use the interest paid to him on these deposits in order to pay off…
Interest: Pooled to help the poor Q290 :Many Muslims in India live below the poverty line. In case of an extreme need, a poor Muslim may either sell some of his essential belongings or pawn some items, normally with a non-Muslim pawnbroker, who charges a very high rate of interest. In the overwhelming majority of…
Interest: Need to redefine it Q289 :May I appeal to you to redefine “interest” so that Muslim countries may be able to proceed with industrialization that will benefit them. Islam is a way of life which does not stop anything that benefits the Muslim community. I have in mind a certain case where a group…
Interest: Its effects on good actions Q288 :Because my savings are not enough for the purpose, I have been contemplating the possibility of obtaining a bank loan in order to build a house for my family. My father has written to me that this is not acceptable from the Islamic point of view. He also…
Interest: Bank deposits and uses of the interest Q287 :Is it permissible to use the interest I get on my bank account to repay the debts of my poor relatives and friends? A287 : An increasing number of scholars are now in agreement that it is permissible to use the interest received from banks and…
Intentions: Matters are left to the clear intention Q286 :Intentions: Matters are left to the clear intention A286 : The fact that a person who is so hungry that he fears for his life is allowed to eat even forbidden types of food only shows that Islam asks for what is easy, and always gives…
Insurance: Do I renew my car insurance? Q285 :I believe that all Islamic legislation are perfect and must be obeyed. Also I believe in predestination. I have no doubt that no individual or group of people can cause me any damage unless Allah so wishes. Within this framework, I have been wondering recently on the…
Insurance: Claims Q284 :Is it permissible to claim the cost of car repairs, which have resulted from a road accident, under an insurance policy? How much should one claim: the cost of the repairs or the premium paid? A284 : I have recently explained that insurance is permissible, because it safeguards the interests of people…
