Question ID: 27943

assalaam mualaikum
please could you help me with the answers to the following questions

1. is it considered riba if i loan R20 000 to a person to do a business deal and ask for
R22 000 in return where the extra R2000 is considered to be my share of the profit?

2. if it is riba ,then under what circumstances am i allowed to make a profit eg.
( must the loan be only for a transaction. must it be stipulated that the extra is my share of the profit etc? )

3. what is the correct procedure to make the transaction halaal?

4. am i allowed to take collateral to secure myself?

please advise me as to the correct way forward as i want this to work , but in the halaal

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Asked on November 22, 2008 12:00 am
Private answer

1) Yes
2/3) Share in buying and selling, gain and loss
4) No
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Answered on November 22, 2008 12:00 am