Bank

A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets.

204160

Money . Bank

Is it permissible for me to earn money by using someone's referral code to open an account with U Bank, or for someone else to earn money from my referral code? Would this income be considered Halal?

Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 5 months ago

Referral Code is understood to be used by the person himself unless the issuers allow otherwise. We are not allowed to use referral code of others with out their permission and the permission of the issuers of the Code.

Wassalam.

199762

Employment . Investment . Bank

Is it permissible to pursue a career in finance, particularly in Investment Banking or Venture Capital?

Studying any financial knowledge is permissible provided you don't indulge yourself in any unlawful deal like usury (RIBA).

Wassalam.

149436

Bank . Interest

Is the interest earned on savings in banks considered allowed?

Interest earned from Muslims is not allowed, but if it was given by non Muslims according to their laws, then it is allowed.

Wassalam.

165619

India . Bank . Stock

Is it permissible to trade in Nifty50, which consists of shares from the top 50 companies in India, including 6 banks? Should we deduct or give away 12% from the profit as purification for the banking portion?

It is not allowed to invest in any share of a company which deals with unlawful business like usury, alcohol, gambling, etc. Giving away the profit from such companies does not solve the problem.

Wassalam.

163626

Girl . Bank . IVF . Sunni-Shi'a . Children

Is it permissible for a single Shia woman to have a child through IVF by using sperm from a sperm bank?

No. Muslim woman is not allowed to have a child through any procedure including IVF from a sperm of a man who is not her legitimate husband.

Wassalam.

158393

Loan . Bank . Money . Interest

I am starting a business in the EU and getting a loan from an EU bank. When I borrow money, there will be an interest that is obligatory for me to pay. Is this permissible as my real intention is to get capital from the bank?

Yes. It is permissible to get a capital from non Muslim bank or financial institute and use it in lawful way.

Wassalam.

128400

Sunni . Interest . Bank . Friendship . Sunni-Shi'a

How do I explain to my Sunni friends why interest is allowed for the Shia from a non-Muslim bank?

This is a jurisprudence issue which is dealt with by leading jurisprudence scholars with detailed evidence from Quran and Hadeeth. Simple person who is not an expert can not understand such special jurisprudence matter. He should be advised to refer to the most learned scholars. You can brief him that we are allowed to deal with non Muslims in the same way that they deal with others and take it as justified.

Wassalam.

147608

Interest . Bank . Qur'an

It is permissible to take interest from non-Muslim banks, while it is not permissible to do so with Muslim banks. On the other hand, interest is forbidden in the Quran absolutely. How can this be explained?

The real understanding of the meanings of the Quranic verses needs studying all other verses and authentic Hadeeths on the subject. This needs years of research which is not a job of unprofessional person but an expert who should be an Aalim with long history in research and ability to deeply understand and derive the Islamic rule from the evidence.

'Interest (RIBA ربا) is forbidden between Muslims. Taking interest from non Muslim is allowed as it is part of their usual transactions. Authentic Hadeeths stated that we are allowed to take from non Muslim what they usually give. We are not allowed to do injustice on anyone including non Muslims, but what they give willingly to everyone is allowed to us as well.

Wassalam.

86685

Lawyer . Riba . Western Society . Bank . Employment

A commercial lawyer in the West works at a law firm that has clients such as banks that charge Riba and have Haram investments. Would it be permissible to work in that firm if they did not work in any financial practice areas that dealt with those banks?

If you are sure that you will never help in usury or any unlawful (Haraam) work, then you can work in such legal firm.

'Wassalam.

97775

Loan . Bank

Can we take a loan from a non-Muslim bank in a Muslim country?

You can lawfully take money from non Muslim bank based any where and act upon the agreement between you and them as far as you use the money in a lawful way. The interest which you have to pay is like the tax which you have to pay.

Wassalam.

123886

Bank . Interest . Employment

Is it allowed to undertake an apprenticeship at an investment bank leading to an undergraduate degree and possibly a job where you work in areas not directly related to interest?

Working in any job in the bank which is connected with usury is not permissible. If the job is away from usury then it is permissible.

Wassalam.

123347

Interest . Bank . Loan . Employment

Can I learn programming at a company that develops software for banks that give out interest bearing loans?

Learning programming is allowed in any company or school or college, but indulging with interest (RIBA or usury) is not allowed for Muslims.

Wassalam.