Question Summary: Investing in convensional banks Question Detail:
I would like to know about the legality of the following situations. 1) An individual borrows money. Interest is to be paid on this loan. I kwon interest is haram. Assuming the rest of the business is aboveboard (sell cement) am I allowed - To take a gift from this business - Trade with this business - Invest in this business 2)Am I allowed to put money in conventional bank without taking interest? If not which banks are the alternative?
Answer :
In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. According to our understanding of your query, if a person has taken an interest loan for his businesses, can one accept a gift from him or trade with him or invest in that business. You are aware that interest haram and the person involved in taking an interest loan has committed a major sin. How ever, if the majority income of the business is halal, then you can take gifts, trade and invest in that business. Abu Ali ad-Dagestani Student Darul Iftaa Moscow, Russia Checked and Approved by, Mufti Ebrahim Desai
|
Main Categories More Questions
|