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13 fatwas

  • Opening accounts at banks that act against Muslims' interests Date: 20-7-2015

    We are a group of Muslims in a small town in the UK, and we are used to collecting donation after Jumaa Prayer as Sadaqa. we usually put the collections temporarily in a bank account so it is easy to transfer it to the needy later on. Recently, that bank started closing the accounts of the Muslim Activists that support Muslims in need, like Gaza, Syrian.. More

  • The bank must own the commodity for the muraabahah to be valid Date: 2-2-2014

    What is the ruling on the following form of Muraabahah: I require the bank to buy a car for me, and it asks me to bring a statement indicating the cash price of the car from an agency. After agreement over the premiums, the duration, and the rate of interest, the bank gives me a check in the name of the agency, along with an order to transfer the car.. More

  • Fees charged by an Islamic bank for overdrawing Date: 21-10-2007

    Al sallamu Al laikoum I am in the UK, and I want to open a bank account, here I found this newly established service from HSBC bank called "HSBC AMANAH" and following are the terms of the Islamic banking: Overdrafts You are not permitted to overdraw this account. If the account is overdrawn: overdraft review fee - £25.00* *Important Notes 1. £25.00.. More

  • Needs to open an Islamic account in a commercial bank Date: 2-10-2006

    I am doing work at home programme. A US company which employess me will be paying my salary with cheque to a bank which does not support my country. So i could not get my payments. So, I want to open a saving account in Singapore which can accept the cheques and then transfer to my local bank. I could not find any fully Islamic operating bank in Singapore... More

  • Asset financing practiced by usurious banks Date: 20-9-2006

    ASSALAMAQLAYKUM. in our country there is no islamic bankng systm. there are banks/fin insts. that give loans for purchase of assets, they call it asset financing. they tell us that they can buy assets for bussiness purposes(the asset to generate income) whereby we have to pay a down paymnt of say 10% n (the fin insts.) then charge us a hire purchase.. More

  • Tawarruq through Islamic banks Date: 29-11-2005

    What is Tawarruq? Is it allowed? Actually some of the Islamic Banks are following this methodology for offering the loans to their customers. For example, if somebody needs a certain amount so the bank is asking to them to purchase the metal, other than gold, on installment. Of course with the profit to the bank. Then they are facilitating.. More

  • Giving certain monthly percentage depending on the deposit amount Date: 27-11-2005

    I am living in Istanbul, Turkey. We have few financial organizations here who claim to be performing Islamic interest-free banking, though they pay extra money for your deposit. Now, I wanted to put some money in such an interest free financial organizations and so I went to one of them and discussed with the manager about their work system... More

  • Interest free mortgages through an English bank Date: 14-9-2005

    I would like to buy a house and I've heard that there is English bank called HSBC that does interest free mortgages based on Sharee'ah principles. I would greatly appreciate if you could clarify this matter on whether it is Halaal or Haraam? .. More

  • Islamic branches of usurious banks Date: 12-9-2005

    What is Islam's opinion about the Islamic branches of the commercial banks? As some commercial banks like Doha Bank, Commercial Bank and Qatar National Bank have opened some Islamic branches who deals with Sharee'ah rules. Please feedback me as soon as possible. .. More

  • Bank operates Islamic and non-Islamic way Date: 6-7-2004

    There is Bank X belonging to the government that operates conventional and Shariah (Islamic law) separately but the owner of the bank is same (government). The question is it Halal to work and to deposit in that bank that operate Shariah?.. More

  • Islamic banks with interests Date: 1-9-2003

    I want to open account in Islamic bank, with an interest, is it contradicting with the Islam (profit sharing is lawful interest is not) rules?.. More

  • Riba and interest Date: 19-10-2002

    I need clarification about the difference between Riba and interest. Is the commission charged by banks in KSA interest or Islamic banking? How? Please reply in light of Qur'an and Hadith. .. More

  • Financial Institutions Mixing Islamic Practices and Riba Date: 29-3-2001

    What is the Islamic ruling about the bank or finance company that deals with Riba and Islamic practices? .. More

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