Posts

Am I Sinful to Live With a Husband Who Is Not Concerned With Avoiding Usury?

Answered by Shaykh Umer Mian Question: My husband does not listen to my financial advice and we have to pay interest every month. For him it is not a problem and discussing this issue makes him very angry. What is my religious responsibility in this situation as I have to use his credit card? Should I get a job to avoid […]

Debt: How It Destroys Lives, How You Can Fight It

The good folks at Rizqwise have a very worthy multi-part series on debt that you should really listen to. If you haven’t got the time, this concluding episode is not to be missed. Rizqwise speak to Rehan Huda, a prominent investment banker and leading authority in Islamic Finance, about some of the key lessons we […]

Is It Permissible to Audit Company Accounts in Which There Is Interest?

Answered by Ustadh Salman Younas Question: Is it permissible to audit company accounts in which there is interest? The auditor only checks the accounts and budgets. He does not write or partake in the interest transaction but only checks whether the accounts are correctly recorded. He is not present when the usury (riba )transaction is […]

What Should I Do About Interest Charges From Banks Earned Before I Became Muslim?

Answered by Ustadh Tabraze Azam Question: As salam alaykum, I have several bank accounts with traditional interests. My parents opened my accounts before I became Muslim. What should I do with this banking interests? Also I do not remember exactly the rates… Answer: Wa alaikum assalam wa rahmatullahi wa barakatuh, I pray that this message […]

Can One Inherit Property Acquired Through Conventional Mortgage?

Answered by Shaykh Faraz A. Khan Question: Can one inherit property acquired through conventional mortgage? Answer: Assalamu alaikum wa rahmatullah, I pray this finds you in the best of health and states. Yes, one may inherit property acquired through conventional mortgage. There is nothing wrong or unlawful in the house itself. What was unlawful was […]

Are Credit Card “Balance Transfer Fees” Halal?

Answered by Shaykh Faraz A. Khan Question: I hope you are doing well. I have a question regarding the issue of balance transfers at 0% APR which are offered by some credit card companies in order to delay payments for up to 12 months. This is usually associated with a balance transfer fee of 3% […]

Micro-finance Loans and Riba

Answered by Shaykh Faraz A. Khan Question: I have been using a micro finance website to loan money to small home business owners without capital for business. What I have found recently is that the local micro finance company would charge the business person taking the loan anywhere from 15-25% on top of the original […]

Getting Rid of ‘Fixed Income’ Returns

Answered by Shaykh Faraz A. Khan Question: My wife became Muslim in May 2011. Her parents had opened up two investment accounts for her, a roth IRA and an Individual Investment account. They just recently transferred the accounts into her name. Upon examining it, I noticed that some of the mutual funds that they invested […]