slmz i am in major financial debt, is there any specific dua that i can read in order to assist me in paying these debts? jzk
When you enter your house then greet, read 3 x Surah Ikhlaas then greet then talk. Insha-Allaah, Allaah will ease difficulties.
And Allah Knows Best
Category:Money Matters
1) Is car and house hold insurance permisable? what should one do with payouts recieved from them? 2) are life polisies permisable? what should one do with payouts recieved from them? can it be used to offset taxes, land transfer fees, interest charges?
1) Permissible, Makrooh - use your input - distribute rest. 2) Not permissible - Yes.
And Allah Knows BestCategory:Money Matters
As salaam u alaikum Mufti saheb. My question can be related to two categories i. e. Halaal investment and zakaat If one invests an amount of money in a muslim property syndicate(i. e. the money is invested only in buying property and one will receive returns from the rental income that is received). The company promises a return of a fixed amount eg. 10% pa of the invested amount paid monthly into the investors account. The question arises: 1. Is the income of an exact percentage of the invested amount (paid monthly) acceptable as halaal income. There does not seem to be profit sharing of total income. 2. The property syndicate is advising that since the money is invested in property then no Zakaat is payable on the invested amount. Is this valid? The invested amount is not immediately available if required by investor but can be made available in a few dayseg. 3 to 5 days. Jazakallah
1) Fixing in this matter is questionable especially if it then results in a fixed return. 2) Zakaat is payable.
And Allah Knows BestCategory:Money Matters
Salaams, would like to know if ETN (exchange Traded Investments) are halaal?ETNs could be for Silver Paladium or Gold and can increase or decrease with the prices of these metels?
Permissible.
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salaams Mufti saheb. II currently have an Islamic finance cheque account at FNB. Annually in August they pay out profits to the islamic finance account holders. My questions are : 1) Is the profits received halaal or must it be disposed of? 2) If it is not halaal can one pay ones personal income tax with it? 3) If it can not be used to pay tax how must it be disposed? Jazaka Allah
1/2/3) Pay taxes with it.
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Slmz My husband started working on temporary basis for a company 3 years ago. They were not paying him well as he was a temp/half day worker. He managed to arrange a family sponsor who agreed to sponsor him R1000 a month from his side lilllah voluntarily. After working for about a year with the company,they decided to promote him to a proper employee as he now proved himself to the company so they agreed to pay his full wages and they also told him that he must give them the R1000 every month which he was receiving from his relative(Is this correct for them to tell him to give them the money from his relative?) He has been giving them this money for about 1 year now(which i dont think is necessary and its not valid for them to ask him as he is working for them and they must pay him and what agreement he has with his relative is seperate) Anyway the company has not given their employees a pay raise for about 2 years now and his salary is not sufficient for us so I told him to tell the company that he cannot manage to give them R1000 every month as it is difficult for him to get the money from his relative every month(which is true as his relative delays a lot in giving him) The company said its fine if he cant give them the money as they are paying his salary. Can we now keep this R1000 if he gets it from his relative as this has nothing to do with the company,this is between my husband and his relative? Jzakallah
No Yes
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I have a relative who about 5years decided to invest their savings, however (due to ignorance) we are now uncertain as to whether the 'money earned' is halal or haraam. The issue here is that the bank cannot guarantee about the earnings being halal or not. For example, one of the funds of this relative is 'property funds' - we are not sure about whether the money was spent on pubs, clubs etc. However, the money earned for 2011 is based on interest and therefore classified as haraam, but our concern is for the previous years 2006 - 2010. We could go further and investigate but if in the worst case scenario we do not find any details on the investment – then what would you advise? Should we get rid of all the ‘profits earned’ or should we keep it? And how will zakat be calculated on the savings, my relative did not pay zakat for their savings for the past 5years, so should zakat be calculated with the halal savings that my relative had for the five years or should zakat be calculated with the savings alongside the profits earned? If my relative decides to keep the interest money, could I go ahead without their consent and get rid of the interest money to charity? (I have the ability to access their accounts etc). Interest is haram - I have the power to get rid of the interest money with my own hands, and I will do it regardless of the outcome (relative or parent). But does Islam allow me to do this?
Regard it as interest. Dispose of the 'earning' calculate on the capital Better take their permission and dispose of the interest. It does not belong to you thus you have technically no right on that money.
And Allah Knows BestCategory:Money Matters
As salaamu alaikum mufti saab if you have a bond are u living in haraam jazakallah
You are living in sin until you pay it off.
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Dear Mufti Saeb Assalamualiakum Can a muslim do as his job "Money Changer" Wassalaam
Yes.
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Is it allowed to pay your domestic worker with interest money?
No
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Assalamu alaikum I would like to know if I borrowed money from someone and he borrowed me haraam money,will this money be haraam for me also?
No
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Is it permisable to take out a bond on your house to go on hajj or to save money while paying a bond?
Save money. Do not utilize the bond system
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Asalaamualaikum. Is it permissible to invest in the islamic division of a local south african bank, which is run and overseen by muslim scholars and businessmen? The bank though is not an islamic one.They also have a product that combines investing and savings, returning a profit share after the investment matures. They've stated that the investments are shariah compliant indices. Shukran for your time.
We are not happy. There is no Halaal Islaamic Banking. How can investment and saving combine? All are linked eventually to the Haraam interest super bankers.
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Salaams 1.Can I open an interest-bearing bank account and earn interest on this? 2.On my normal bank account,can I then offset the interest earned in 1. above and use this interest to pay the following: 1.bank charges 2.credit cards 3.interest on overdraft 4.retirement annuity fund 5.endowment investment 6.medical aid 7.cellphone accounts
If you happen to earn interest due to forced circumstances then:
1) No
2) No
3) No
4) No
5) No
6) No
7) No
Category:Business and Work, Money Matters
Salaams Is it permissable to invest money in a Nedbank investment account which earns interest of 5.5% per year?
No
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Assalamu alaikum.I would like to know if I borrowed money from someone and this person earned this money through haraam methods.will this money be haraam for me?even though I do not how he earned it?
Permissible for you.
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Asak Can a person in the UK pay car insurance that is legally required with interest money and can it include the comprehensive level as the UK insurance companies provide it as the minimum standard cover policy?
Yes - Makrooh.
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Salaam Mufti I heard that partnerships are the last resort. I wanted to enter into a partnership with my mother so that she could also benefit from the new business venture. Would you recommend this.
Yes provided everything is put in writing.
And Allah Knows BestCategory:Money Matters
AssalamuAlaikum Muftisaab A person has R10 000 in his bank account. He wants to give R4000 to his wife does he need to withdraw the money and give the money in her hand for it to become hers or is it sufficient for him to say I give you R4000 from my bank account?
Technically it is hers but how will she have control and power over spending of it.
And Allah Knows BestCategory:Money Matters
As salaamu alaikum, I would like to find out if it is persmissable to give my interest money to my in laws. They are not well off and battling to get through, but they do not qualify for zakaat. Jazakallah
If they do qualify for Zakaat then they do not qualify for interest.
And Allah Knows BestCategory:Money Matters
Please be aware the date specified by this code is an approximate and may need to be adjusted. As we all know months in Islam are calculated by the Phases of the moon which vary at times.