The difference between conventional and Islamic mortgages For Muslims, one of the greatest financial challenges of our time, is purchasing a home without falling into riba (interest), which is strictly prohibited in Islam. Conventional mortgages are based on interest-bearing loans, while Islamic banks and financial institutions offer alternatives that aim to comply with Shariah. Among…
Both receiving and paying interest (riba) are a major sin, as riba is strictly prohibited in Islam and Allah has declared war against those who deal with riba. Ask your bank not to deposit interest in your account. However, if this is not possible, take out the interest and give it in charity to a…
Charity – expect your reward from Allah alone In Surat al Baqarah, Allah talks about infaq – spending, giving for Allah’s sake. When you give in charity, you only expect reward from Allah. Giving for Allah’s sake means you give for free – you don’t give because you are expecting anything back. When you give…
So give your relative his right, as well as the needy and the traveller. That is best for those who desire the face [i.e., approval] of Allah, and it is they who will be the successful. (30:38) Success lies in being good to your family Here Allah Almighty is giving us a formula for success….
The Concept of Gradualism Tadarruj or gradualism is the introduction of a concept over a period of time so that it is not overwhelming in the first instance. Though we have all the rulings now, and see Islam as black and white package of halal and haram, it is worth remembering that the Quran was…
THE LOW DOWN ON BORROWING AND LENDING What Everyone Should Know A loan is a loss on paper. The lender has no access to that money until it is repaid. Yet there are times when we need to borrow and others when we are in a position to lend. In fact, the Prophet (peace…
Managing Wealth How much do we actually need? How much do we waste and how much do we save? A prudent person should cover their basic needs, spend and lend and then invest in our future generations. Bill Gates is a modern example of generosity and philanthropy. Within our Islamic history we have the instructive…
At the time the ayahs about riba and debt were revealed, people did not trust each other. There was an atmosphere not just of mistrust, but also greed and exploitation. The rich controlled wealth and money was not in free circulation. Those who needed money couldn’t easily access it. Islam promotes the creation of a…
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…
RIBA – Worse Than Any Other Vice Neither Wrong Nor Be Wronged What is riba? How bad is it? Why did Allah Almighty ban it? Finance is so complicated now. Aren’t times different now from then. Do the ayahs on riba still apply today? At the time the Qur’an was revealed, an atmosphere of greed and…
What Causes Du’as to be Rejected? Check Yourself When people are afflicted naturally they turn to Allah Almighty for relief. Some times that relief is not granted. I am frequently asked: How do I know if I am being tested or punished? The answer to this question lies with you. You need to analyse why an affliction…