Q: What is the Islamic viewpoint on UK Student Loans? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: Please see link below: Student Loans
Read more...Category: Mortgages and Loans
Is it permissible to take out a loan in which repayment with interest is not required so long as it is paid off prior to the expiry of the grace period?
Q: Is it permissible to take out a loan in which repayment with interest is not required so long as it is paid off prior to the expiry of the grace period? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: In principle, if one agrees to take a loan from another with a grace period in relation […]
Read more...Is paying back more to a loan I take from my pension fund considered interest?
Q: I intend to purchase a property for my business use for which I intend to borrow the money from my own pension funds. I have a self-administered pension scheme to which I and my partners contribute, the scheme allows us to operate and invest the money at our own discretion as so far as […]
Read more...I intend to purchase a property for my business use for which I intend to borrow the money from my own pension funds.
Q: I intend to purchase a property for my business use for which I intend to borrow the money from my own pension funds. I have a self administered pension scheme to which I and my partners contribute, the scheme allows us to operate and invest the money at our own discretion as so far […]
Read more...Can I take a student loan if it’s the only way I can afford to go to university?
Q: Can I take a student loan if it’s the only way I can afford to go to university? الجواب حامدًا و مصليًا و منه الصدق و الصواب A :Whilst the importance of getting a university education is acknowledged, it must be maintained that it cannot be done at the expense of the […]
Read more...Can you explain the concept of LIBOR?
Q: Can you explain the concept of LIBOR? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: Please read from page 117 from the link below: http://islamicfinancenews.files.wordpress.com/2009/09/an20introduction20to20islamic20finance.pdf It has covered this issue in a very easy to understand way.
Read more...Is it permissible to remind a friend of a loan repayment they owe me?
Q: Is it permissible to remind a friend of a loan repayment they owe me? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: It is permissible for you to ask for the amount you loaned to your friend.
Read more...Can I take a loan that gives a choice between paying the principal within a defined period or the payment of an increment after the period?
Q: Can I take a loan that gives a choice between paying the principal within a defined period or the payment of an increment after the period? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: In principle, any loan that gives a choice between paying just the principal within a defined period or the payment […]
Read more...Can I apply for an interest-based mortgage on behalf of a family member who is unable to as they will be paying for all costs involved?
Q: Can I apply for an interest-based mortgage on behalf of a family member who is unable to as they will be paying for all costs involved? الجواب حامدا ومصليا و منه الصدق والصواب A: It is not permissible to do this because the lender with be contracting an interest based loan with you which […]
Read more...Am I responsible if my wife engages in interest-based activities?
Q: Am I responsible if my wife engages in interest-based activities? I understand that riba is a very serious and major sin. I have been Muslim for four years and am looking to marry a sister insha’Allah. But I just found out recently that she is paying for an interest-only mortgage for her family’s home […]
Read more...Can I sell property to a buyer with a conventional mortgage?
Q: Can I sell property to a buyer with a conventional mortgage? We are in the business of buying and selling properties in the U.K. and wish to ensure that our business is ethical, halâl and permissible. We list below the 3 options of conducting our business on which we would be pleased if you […]
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