Interest

Interest, in finance and economics, is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.

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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 1 month ago

If you know that it is a Riba between Muslims, then it will be the not permissible to deal with it. If the finance is given by a non Muslim to a Muslim, then it is permissible if it is done according to their own laws.

Wassalam.

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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 1 year ago

Jurisprudence is a big field of Islamic knowledge which has its own experts who spend decades of years to be able to study the evidence from Quranic verses after going through all the fields of Quranic studies, and the authentic Hadeeths after going through the fields of Hadeeth and Rijaal which deals with assessing the authenticity of every narration. We also have the principles of Fiqh which is logic of jurisprudential thinking. 
'You need to go through the evidence confirmed by the great jurisprudence scholars or Maraaji' of Taqleed to see the reasons of any Islamic rule including your question.

'In brief, Islam does not permit RIBA (usury) between Muslims, but not every interest known today is usury. When non Muslims keep your money and put is their business and give you whatever they everyone else from their profit, it is permissible for you to accept it. This is according to the jurisprudence evidence which has details in jurisprudence books written by the Maraaje' of Taqleed. You are accepting what they usually give to every one who keeps his money with them as part of their business.

'Wassalam.

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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 1 year ago

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

Wassalam.

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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 1 year ago

Insurance business is allowed according to our leading Islamic scholars (Maraaji’ of Taqleed) but interest is not permissible at all. You must keep yourself away from any interest.

‘Wassalam.

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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 1 year ago

CFD dealings are permissible like other tradings as far as there is no interest or unlawful act is involved.

'Wassalam.

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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 1 year ago

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.

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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 1 year ago

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.

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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 1 year ago

Investing in companies dealing with interest (Usury) as a source of their income e,g, banks and lending companies etc is not allowed in Islam. Money earned from such companies is unlawful as well.

Wassalam.

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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 1 year ago

It is allowed for Muslim students to take such amount from non Muslim government or institutions.

'Wassalam.

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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 2 years ago

It is allowed to take what is known as Student Loan from Non Muslim authoraties even if you know that they will charge interest. You can pay it as you pay taxes to the authorities. It is not obligatory to take such loan but it is allowed.

Wassalam.

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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 2 years ago

Muslim is not allowed to work in usury (RIBA) dealing. If the job is away from usury then it will be allowed, but if it is related to usury in any way like taking, giving, accounting etc then it will be not allowed.

Wassalam.

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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 2 years ago

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.