Interest & Islamic Finance

Q
Mortgage
I bought an apartment around 10 years ago with mortgage from bank. Over time, the shared expenses have increased and I am paying much more by living in that apartment. I have made tauba, but I was wondering what applies in my situation if I buy a new house and keep the same amount on…
July 17, 2024
Answered by Mufti Ismail Moosa
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Q
Ribah
Hello,I am using digital bank application,in which they have a feature of spliting your payment into 3 instalments and charging Annual Percentage Rate (APR) which is 6.33% for example i have purchased somthing from shop and made a payment by using that bank app which is 80.32 euro,so my bank can charge me 80.32 euro…
July 2, 2024
Answered by Mufti Ismail Moosa
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Q
Deferred payment
Asalamualikum, My question is as follows. The electronic company known as best buy have a promotional offer, where if you were to buy a laptop from them they would give you the option of deferred interest balance, where they will give you a period of 12 months to fully pay for the device without ever…
July 1, 2024
Answered by Mufti Ismail Moosa
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Q
Working for a company that is building mobile application for a bank
Assalammualaikum wa rahmatullahi wa barakaatuhu, My name is Harith Bakhrani and I am from Mombasa, Kenya. I am a DevOps Engineer by profession and I have currently joined MuduPay which is a fin-tech company. MuduPay is currently working with a bank and creating a mobile application for it. The mobile application offers many services and…
January 12, 2022
Answered by Mufti Ismail Moosa
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Q
Job in financial services
Is it permissible to work in a company which offers financial services including operating leases and financial leases which earns the company interest income ?
December 12, 2021
Answered by Mufti Ismail Moosa
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Q
debt/loan
As salamu alaykum warahmatullahi wabarakatuh A few years ago I went uni and took to go university I had to take a interest based loan, I was not practising then, but I had intentions of paying it back when I had a job etc, I now regret taking it and have repented and will never…
December 6, 2021
Answered by Mufti Ismail Moosa
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Q
Paying the bank for storing money
Is it permissible to pay the bank a small amount of money because they are storing money for someone? For example if a bank sometimes takes a small amount of money from the money that someone has stored in the bank, is it then riba?
November 24, 2021
Answered by Mufti Ismail Moosa
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Q
Putting money in a non Islamic Bank which does not earn interest
Q1) Is it halal to put money in a bank account which does not earn interest but is with a non Islamic bank because a non Islamic bank will use that money to lend to others and then earn interest on that money which is haram. So the person who has the bank account with…
November 23, 2021
Answered by Mufti Ismail Moosa
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