Can You Take Bank Interest If You Are Already Paying Interest on a Loan? QuestionInterest vs interestAre we allowed to take interest if we are paying for one.Example i have car loan and they are charging me 100$ interest for every month and i am also getting less than $100 or equal to $100 for … Read more
Is Profit from Selling a House Purchased with a Conventional Mortgage Haram? Questionas salamu alaykum Sheikh. I have a question regarding profit I made on my house. I bought my house on a traditional Mortage. I bought it at $485,000 and sold it at $574,000 after living it in for 2 years. Is this profit … Read more
What Debts Can Be Deducted When Calculating Zakat? Are Credit Cards, Student Loans, and Monthly Payments Deductible? QuestionMy third question is about the deductions around Zakat calculations. I read one of your previous posts but just want to confirm. It is immediate debts that can be deducted from wealth when calculating zakat? I understand using … Read more
Who Is Required to Pay Zakat al Mal? Does Having Less Than the Nisab Mean Zakat Is Not Obligatory? QuestionMy first question is about who qualifies to pay zakat al mal. I am aware that there is the threshold of Nisab that correlates to the price of gold or silver. The current threshold equals around … Read more
How Is Zakat Calculated If You Have a Personal Loan Used for Business? QuestionWhat’s the ruling on your zakat if you have a loan on your name. example your friend lent you 20,000 dollars and your using it for your business, if my understanding is right your total zakat is only due on the amount … Read more
Is a “Halal Mortgage” Valid If the Contract Clearly Lists Interest and a Standard Amortization Schedule? Question Assalamu Alaikum, I am seeking guidance on a residential financing agreement I am entering into. The provider marketed this as a “Halal” financing option (Tjara), but the commitment documents I received from the processing company (Radius Financial) include … Read more
Is Zakat Obligatory If Someone Has Debt Such as Student Loans or a Mortgage? Question Salam! (Asking on behalf of my wife) she was discussing the zakat al Fitr with people & some people have different opinions. Some people are saying that you are not required to give charity on anything including the gold sitting … Read more
Is Day Trading Through Online Prop Firms Permissible in Islam? Question Salam alaikum sheikh. I wanted to ask for a ruling regarding day trading through online proprietary trading firms (“prop firms”). Based on your ruling that cash equity trading without margin is permissible, I wanted to ask whether trading through these firms affects the permissibility. … Read more
Can I Count Money I Owe My Friend Toward My Zakat? Question My friend paid $4,000 for something I wanted… when we came home I offered to pay him the money but he said it’s okay leave it for now and I’ll get the money from you later….I pay my zaakat during Ramadan so, do … Read more
Should I Remove the 2.3 Percent Interest from My RRSP and Then Switch to a Halal Provider? Question So, the RBC, the 2.3 interest reinvested, calculate exactly that amount and those 2.3 interest that they invested before, giving it for charity, and the rest is good. However, we encourage you to switch your RRSPs to … Read more
Is It Permissible to Sell Clothing with Images of Female Celebrities Who Promote Indecency? QuestionI buy and sell various items. I found a Dolly Parton shirt with her picture showing her face, hair, and neck. Since she is a music celebrity and such figures often promote indecency and sinful behavior, is it permissible to sell … Read more
Is Zakat Obligatory on Gold Received for Personal Use (Wedding Jewelry)? QuestionI received 100 grams of gold from my in-laws’ house and my father’s house for my wedding, alhamdulillah. I received this gold for my own personal use. Is it obligatory to pay zakat on it, since the gold is not for storage or trade? … Read more
Rulings on Common Legal Practice Issues: Statutory Interest, Damages Beyond Actual Loss, and Contracts Containing Riba QuestionSalam Sheikhna, I am a practicing lawyer and would like Islamic guidance on several issues that commonly arise in legal practice. Question 1: Pre Judgment and Post Judgment InterestIs a Muslim lawyer Islamically accountable for requesting and enforcing pre … Read more
Is It Permissible for a Student to Intern at a Bank in a Cybersecurity or IT Role Despite Riba? QuestionAssalamu alaykum, Is it permissible for a student to work in a bank for an internship in a cybersecurity or IT role, knowing that banks deal with riba? Due to the poor job market, there are … Read more
Is the Nisab for Zakah in Canada Based on Gold Only, and Why Is 21K Gold Used? QuestionSalam Imam, is the nisab for zakah based on gold and not silver today, since cash is no longer backed by silver? And is the correct gold standard 21K gold rather than 24K or 14K? How is this … Read more
What Is the Sharia Ruling on Investing in Real Estate Investment Trusts (REITs)? QuestionAssalam alaykum Sheikh. Please we need a fatwa stand on the following business related question. Real estate investment trusts (REITs) are companies that own, operate, or finance income producing real estate across a wide range of property sectors. They raise capital by … Read more
Is General Forex Trading Haram, and Does Trading Gold, Silver, or Platinum Change the Ruling? QuestionSalam alaykum. Is general forex trading haram? What if it is used only for buying earth minerals like gold, silver, and platinum? Would it be permissible in this case? Jazakum Allah khair. AnswerAlhamdulillah, wassalatu wassalamu ala rasulillah, wa ala alihi … Read more
Is It Permissible to Provide Marine Technical Services as a Contractor to Insurance Companies? QuestionAssalamualaikum dear sheikh. I have a small marine consulting business where insurance clients approach me to request technical inspections and advice on ships, boats, and other marine structures. I do not get involved in approving or denying claims, nor do I … Read more
What Is the Sharia Ruling on Money Earned from Bank Interest (Riba al-Bunuk)? QuestionSalamu alaykum, I hope you are well.I would like to ask about money kept in the bank when a person receives extra money from the bank, known as riba al-bunuk (bank interest). What is the Sharia ruling in this case? Is the … Read more
Is It Permissible to Keep, Use, or Donate Profits from a Shariah-Screened Investment ETF? QuestionSalaam alaikum warahmatullah wabarakaatu. I invested some money into an investment that claims to be halal and that it “complies with Shariah law and excludes companies deriving more than 5% of their income from alcohol, tobacco, pork-related products, weapons, conventional banking … Read more
Is a Contractor Required to Credit the Fair Market Value of a Deleted Item, or Only What He Actually Budgeted? QuestionSalam. A person submits a quote for a construction project based on a set of drawings. The drawings include item X. Later the client decides to cancel item X from the scope. He asks for … Read more
Do I Have to Pay Zakah on Money I Loaned to Others, and What If the Borrower Cannot Repay? QuestionDo I have to pay zakah on a loan that I have loaned to people? And what if they cannot pay it back and they are poor? Do I have to pay zakah on it? Can … Read more
Is It Permissible to Purchase Company Shares When the Company Provides Supply-Chain Analytics? QuestionAs Salam U Alaikum,i wanna ask you about the permissibility of buying stock/equity that my company is offering me. Below is a simple explanation of what my company does. Everstream Analytics provides supply-chain risk forecasting for companies (weather risk, shipping delays, political … Read more
What Is the Ruling on Interest Earned from Everyday Savings Accounts in Banks Like TD? QuestionWhat is the ruling on interest from Everyday Savings Accounts with banks such as TD?I recently opened a savings account to keep my money organized, but I do not want to deposit anything until I know the ruling. The bank … Read more
Is Lead Generation for Mortgage Agents Permissible, and What Should Be Done With Past Income? QuestionIn the Name of Allah, the Most Gracious, the Most Merciful.Peace, mercy, and blessings of Allah be upon you. My name is Abdul Samad. I live in Pakistan but run an online lead-generation and marketing business in Canada. My work … Read more
Is a Builder Allowed to Take on a Construction Project When the Client Is Financing It Through an Interest-Based Bank Loan? QuestionA brother in construction is asking: if he knows or is almost certain that his client is obtaining an interest-based loan from a conventional bank to finance the construction, is it permissible for him … Read more
Is It Permissible to Purchase Short-Term Event Insurance to Rent a Hall for a Sisters-Only Gathering? QuestionAsalamou aleykoum,I’m planning a small sister-only gathering to celebrate moving into my husband’s home after my nikkah. My current apartment is too small to host everyone, so I’m looking into renting a small hall. Most venues I’ve found require … Read more