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Recent questions and answers in Usury / Insurance
»
Assalamualaikum I unwittingly acquired a unit linked insurance plan (ULIP) for tax saving purpose. Recently, I surrendered it and recived surrendered amount. I had invested 6 lakh rupees and recived 11 lakh rupees on surrender. Since the investment made by policy was in stock market, the returns are percentage based. Upon recieving the share holding list of the policy post surrender, I discovered 27 percentage of stocks purchased by the policy are financial institutions primarily banks. Given this, hows of 11 lakh ( including 6 lakh principal) can I utilise? Can I utilise the permitted amount if any for Hajj?
answered
Mar 2
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Usury / Insurance
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Darul Ifta
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السَّلاَمُ عَلَيْكُمْ وَرَحْمَةُ اللهِ وَبَرَكَاتُهُ My question is that is the insurance of electric appliances such as air conditioners or washing machine allowed in Islam? The fact is that these appliances are very costly to afford for a middle class family, so after purchasing the appliances some company offers AMC plans in which they charged a fixed amount of money for a pre decided period of time and during that period if the appliances got some defects the company will send their technicians to repair or replace the defected parts for free as a pre planned agreement under the AMC So please answer my question in the light of Quran and Sunnah. Jazakallah Khair.
answered
Jan 24
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Usury / Insurance
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Darul Ifta
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As salamo alaikum. One of my friends tell that India is a Darul Harb so we can use the Interest or sood.Is India a Darul Harb? .If it is Darul Harb, is interest or sood valid in India?
answered
Dec 31, 2023
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Usury / Insurance
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Darul Ifta
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Assalamualaikum, what do Ulama Ikram say about Masle Jail? The land for the mosque in our colony was left for everyone's share by those who cut the colony. A basement was built with the help of donations and A mosque was built above it. In the basement, without any consultation, the Motamin of the mosque were running a Madrasa, in which the monthly fees taken and also the absent penalty from the children were charged. But no hisab -kitab is being given of it whereas the electricity bill is being paid from the donations of the mosque.
answered
Dec 23, 2023
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Usury / Insurance
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Darul Ifta
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Assalamoalaekum, I have taken one SBI policy - "SBI Life - Smart Money Back Gold", policy number: 1N579217602, in this policy they cliam that they are giving profit from 6-22% and not interest, my CA recommended this policy to me to save some income tax, can you please help me finding if it is halal for me to take this policy, although I've already taken this policy but if it is haram then I will terminate this policy inshAllah. Some more details in case if it is required - I've already paid one installment (Rs. 1,05,993.10 /-) in this year out of 12, and it will get mature after 25 years. JazakAllah khair email: maroof@outlook.in Call@: +91 9468751786
answered
Nov 12, 2023
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Usury / Insurance
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Darul Ifta
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Assalamualaikum, nowadays in our country, there is always a fear of loss of life, property, business, house and shop of a Muslim and it is seen every day that for the slightest thing, a Muslim's life is taken away, the shop is set on fire. And houses are demolished with bulldozers. My question is, what do Ulama Ikram say in the light of religion, can LIC do those above mentioned things or not?
answered
Oct 30, 2023
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Usury / Insurance
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Darul Ifta
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Assalamualaikum,Me Maroof Ali hu Ajmer, Rajasthan se, mene income tax Kam krne k lie SBI ki ye policy Li hai (Sbi Life - Smart Money Back Gold Option1 111N096V03, Policy Number - 1N579217602), Ye mujhe mere CA ne batai thi ye bol k k isme interest nai ata, profit basis pe benefits milte h 6% se 22% tak, mene jaldi me ye policy leli thi par ab mujhe batadijie k ye policy jaiz h ya nahi, nahi hogi to me policy cancel karwa dunga Isme mene 1 lakh Rs jama karae h, or har saal 1 lakh jama karane hote h, aapke jawab k intezar rahegaJazakAllah khairSyed Maroof AliPhone Number: +91 9468751786
answered
Sep 21, 2023
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Usury / Insurance
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Darul Ifta
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Sukanya Samriddhi Yojana is a government-backed small savings scheme for the benefit of girl child. It is a part of the Beti Bachao, Beti Padhao Yojana and can be opened by the parents of a girl child below the age of 10. SSY account can be opened at designated banks or post offices. Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18. The SSY scheme comes with a higher interest rate along with several tax benefits. Interest Rates: 7.6% per annum (Q4 FY 2022-23) Minimum Deposit Amount Rs. 250 Maximum Deposit Amount Rs. 1.5 Lakh in a financial year
answered
Feb 9, 2023
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Usury / Insurance
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Darul Ifta
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A moulin in kashmir said that Bank interest cannot be used in mosque. However, this interest can be used in bait ul khula, gusal khana and bathroom of a maskid. Is it true
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Dec 6, 2022
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Usury / Insurance
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Darul Ifta
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1. I am planning to buy medical insurance. I am an unemployed person, who recently paid a large amount of money for my wife's treatment. Is it halal? Especially in the changing circumstances post-Covid scenario. 2. If the above is not halal then, another scenario is that my father has worked for 27 years in government services. He must have paid lakhs of rupees in taxes to the government. In this case, can I buy government insurance and claim up to the amount of taxes paid in his life? will this be applicable even after his death?
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Jul 18, 2021
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Usury / Insurance
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Darul Ifta
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I purchased a property in 2013 and sold it in 2018 due to loss in business. Now i stay on a rent of Rs. 25000. If i don’t purchase house before 2021 i will have to pay 5 lakh as income or property gain tax to govt. as according to govt. the price of property has increased a lot during2013 to 2018.Due to debt i sold my property but govt. wants tax on that as well. So to save my hard earned money can i take home loan as I don’t have 80 lakh to purchase house and nobody will help me with this big amount. Please guide me how can i save my hard earned money from. Govt. Jazakallah Zeeshan
answered
Aug 19, 2020
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Usury / Insurance
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Darul Ifta
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The Muslim brother doesn’t trust him much. So this non Muslim guy gives him a precious stone which is worth USD100,000 as a guarantee to assure the Muslim brother that he will pay back the money on time. This non Muslim guy wrote an IOU as follows: I, Mr XXX borrow USD10000 from Mr XX. I promise to pay back his money within three months. I give Mr XX a precious stone as a guarantee. If I cannot pay back the money on time, the precious stone will be at Mr XX’s disposal. Now three months have passed, this non Muslim guy couldn’t pay back the money. So what should the Muslim brother do to the precious stone? Can he sell the stone and keep all the money for himself? But the non Muslim guy only borrowed USD10000 only, the precious stone worth USD100,000. Is the extra USD 90000 a riba?
answered
Aug 12, 2020
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Usury / Insurance
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Darul Ifta
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Is a menstruating woman forbidden from Sa’ee as well as Tawaaf during Hajj and ‘Umrah? the Sa’ee is not valid before the Tawaaf when performing ‘Umrah, is it true???
answered
Feb 20, 2020
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Usury / Insurance
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Darul Ifta
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If a person working as an accountant at wine bar then his income which he gets through this is it Haram or halal??
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Feb 18, 2020
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Usury / Insurance
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Darul Ifta
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Can we use interest to pay bank services and maintenance fees for e.g Minimum Account Balance penalty, ATM charges and Credit card Service fees?
answered
Jan 16, 2020
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Usury / Insurance
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Darul Ifta
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Is life insurance allow in islam?
answered
Jan 13, 2020
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Usury / Insurance
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Darul Ifta
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Can we use interest money from bank to pay income tax to government?
answered
Jan 13, 2020
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Usury / Insurance
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Darul Ifta
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Are Home loan , Car loans , and other loans valid as per Sharia?
answered
Oct 20, 2018
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Usury / Insurance
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Darul Ifta
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I have purchased a mobile phone of 21000 from bajaj finance card. the actual amount of the mobile phone is 21000 only. I have to pay this amount in 3 month. so the amount I'm paying in 3 month is just 21000 only. No documents charges and such thing . all This is done by online payment and online shopping app. so all This thing does it involves in any kind of interest or it's ok. jazakAllah khira
answered
Sep 8, 2018
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Usury / Insurance
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Darul Ifta
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Bismillah As salaamu alaikum I have received Bdt 100000.00 dividend as a shareholder of a private company. I have calculated the interest portion of that dividend and it is around Bdt 5000.00. Now I am purchasing a car. May that interest be used for paying car registration fee and VAT ? May Allah Azza Oa Jal keep you in Aafiyat in dunia and aakhirat.
answered
Jan 1, 2018
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Usury / Insurance
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Darul Ifta
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