The concept that someone in difficulty is helped by others pooling their money is rewarding; this is why we have the takaful insurance – the cooperation insurance. It’s a good thing. Thus the concept of insurance is not a bad thing, but the there are two elements which make conventional insurance haram: i) the ambiguity…
Are mortgages halal? In Islam usury is clearly forbidden. It is a major sin and is one of the seven gravest ones. Those who commit it are considered as waging war against Allah Almighty and His Prophet (peace be on him). Fiqh Councils throughout the Muslim World state that bank interest is usury. Those who…
Stuck between a Rock and Hard Place Confused.com …about Mortgages, Insurance and Banking The Dangers of Riba Riba literally means increase. Known widely as ‘interest’ and ‘usury’, it is the charge levied for ‘using’ money. In other words, it is where one party makes a profit through lending to another party. It is the increase…