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Question: Is it
permissible to work in a
bank?
Answer: If your
job does not have
anything to do with
interest, there is no
problem in it.
2
Question: Is it
allowed to invest money
in foreign banks?
Answer: It is
permissible.
3
Question: What is
your definition of
Interest or as the
Qur`an calls it, Riba
(usury)? Does this term
apply to all forms of
profit, which are
given/taken including
banks and other
institutions, or is
there merely given as a
“cost of living
increase” and
“inflation”? Can the
Qur`anic definition of
Riba be applied today to
the Western banking
structure?
Answer: ll
instances are considered
Riba. However, taking
interest from non-Muslim
banks is permissible.
4
Question: Is it
permissible to “shop
around” for the bank or
account, which offers us
the best return rate on
our money (Interest)?
Answer: It is
permissible in a
non-Muslim country.
5
Question: Is it
permissible to take bank
prizes? Are they halal?
Answer: If the
bank embarks on such a
process without imposing
a condition on its
customer when they
deposit their money with
it, rather encouraging
them to increase their
deposit and attract
others to join in, it is
permissible. It is also
permissible for the
person who wins a prize
to accept it - as
majhoulil malik - after
getting the permission
of the Marji', as a
matter of ihtiyat. That
is, if the bank was
state owned or of joint
ownership, he has the
right of disposal over
it after consulting the
Marji'. If the bank,
however, is owned by a
private party, it is not
necessary to obtain the
permission of the Marji'
to accept the prize and
have the right of
disposal over its money.
However, if the bank
carries out such a free
draw and gives the prize
in fulfilment of a
condition imposed by its
customers in the loan
contract or the like, it
is not permissible to do
so. It is not
permissible, too, for
the winner of the prize
to accept it in
fulfilment of the
condition. It is
permissible to accept it
without the condition.
6
Question: Some
governments and some
companies in non-Muslim
as well as Muslim,
countries deposit the
salaries of their
employees directly into
their accounts in the
banks. The employee does
not get the money in his
hand, although he can
withdraw it whenever he
wants. Now, if the
statement of his account
shows that the money has
surpassed his annual
expenses, is khums
obligatory on it?
Answer: Khums is
obligatory in what has
surpassed his annual
needs, except in the
case of a government
employee in a Muslim
state that deposits his
salary into a state or
private bank. In the
latter case, khums would
not be obligatory on the
salary that has been
deposited in the bank
until he [physically]
takes possession of it
with the permission of
the mujtahid* Then the
salary will be included
in his income of that
year and khums will
become obligatory on
what is in excess to
that year’s expenses.
7
Question: Some
trading and
manufacturing companies
get loans from private
or state banks in Muslim
countries and also from
other [non-Muslim]
institutions with the
condition of interest;
and they also earn
interest on the deposits
they leave in those
banks. Are we allowed to
buy shares from these
companies or be partners
in their ventures?
Answer: If the
partnership with them is
like participating in
their interest-bearing
activities, it is not
allowed. However, if
Muslims own the company
and it receives interest
from the banks of
non-Muslims, there is no
problem [in buying its
shares or partnership]
from this perspective.
8
Question: Banks
in the West give loans
—known as mortgage— to
those who do not have
enough money to buy
houses; this is to be
paid back in [weekly or
monthly] instalments
with a high rate of
interest. Is a Muslim
allowed to use this
facility? If it is not
permissible, is there a
solution in your view
for someone who claims
that he needs the
mortgage to buy his own
residential house and
does not possess enough
money to pay for it?
Answer: It is
permissible to take the
money from the bank that
is financed by
non-Muslim government or
private funds but not
with the intention of
loan. The knowledge that
the bank will sooner or
later force him to pay
the capital as well as
the interest does not
affect [the lawfulness
of] his taking the
money.
9
Question: n the
West, it is possible for
a person to open a
variety of current
accounts with high or
low interest rates
equally without any
difficulty in both the
cases. Is it permissible
to open accounts with
high interest rate with
the understanding that
the person will not
demand the interest, if
the bank denies it to
him?
If it is not
permissible, is there a
solution that would
allow them to open such
an account knowing well
that they, in their
heart, are seeking the
best interest?
Answer: They are
allowed to open the
account in the bank and
it is [also] permissible
for them to deposit in
it with the condition of
earning the interest, if
the bank is financed by
non-Muslim governments
or people.
10
Question: If a
Muslim tries to get from
the bank’s cash
dispensing machine some
of his own money and
more money than what he
had asked for is
dispensed, is he allowed
to take the extra money
without the bank knowing
about it?
Answer: It is not
allowed.
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