Question: Respectable Mufti Saheb: Kindly forgive me for intruding on your precious time and specially during the Holy Month of Ramadan when you will be too busy. Also please forgive me in addressing this letter in English as perhaps I … Continue reading →

Question: 1. The bank would purchase the land or property from the vendor and sell it to the would be buyer on an installment basis. Each installment would act as an increasing participation by the tenant in the property until … Continue reading →

Question: The scholars of Fiqh Academy have approved the use of credit cards as reported by Arab News.  As you know, banks charge a fixed annual fee for credit cards use.  Can I ask the bank to issue a credit … Continue reading →

Question: The Fiqh Academy has also allowed installment sales. Does this mean that I can now buy a house in UK or USA on installments bearing in mind that each installment includes repayment of “principal” and “interest”?

Question: It is becoming common for Muslim retail businessmen in South Africa to enter into the so-called consumer credit scheme. The retailer concerned concludes a written agreement with a third party Company (‘the Company’). A copy of the specimen agreement … Continue reading →

Question: What is the deifinition of Interest / Riba (ربوا) according to the Holy Quran and Sunnah of the Holy Prophet (PBUH).  Does it cover the simple and compound interest existing in the present day financial transactions?

Question: I have a considerable amount of money saved by me from my monthly income.  I want to invest it in a lawful business which can give me some profit. One of my friends has offered me to enter into … Continue reading →