Q: Is one sinful while studying with a Interest (ribā)-based student loan? And will one be will considered as consuming ribā? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: Under the current student loan agreement the student does not consume ribā. Rather, the student agrees with the Student Loan Company, that he will pay […]
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My father said that if he gives me money as a gift, I must buy a house. Is this a type of riba statement?
Q: My father said that if he gives me money as a gift, I must buy a house. Is this a type of riba statement? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: If your father gives you some money and stipulates that you must purchase a house therewith, irrespective as to whether the […]
Read more...Can a loan be transferred to a 3rd party?
Q: I have taken a loan from my sister and then I have lent the money to a 3rd party on the condition that, they will repay back the loan to my sister directly. Am I still responsible for the loan? If yes then how do I include it in my Will? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: You remain responsible for […]
Read more...Is it permissible to take a business loan which requires payment of an insurance premium?
Hawkesbay Investment Corporation Limited The business is in conformity with standards and in line with normal corporate ethics. Based on the loans agreement drafted by our client and we guarantee that our client will only enter into a legitimate business transaction as proposed with the funds. Legal & General Insurance company hereby guarantee the safety […]
Read more...Can someone stuck in a ribā-based loan give voluntary charity, or do they need to pay off the ribā-based loan first?
Q: Can someone stuck in a riba-based loan give voluntary charity, or do they need to pay off the riba-based loan first, given that is a duty, and thereafter resume with giving voluntary charitable donations? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: One who has taken a haram loan or a conventional mortgage should […]
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