Q. What are the rulings for purchasing shares of banks and credential institutes involved in usury trade?
A. Purchase of shares of institutes engaged in unlawful income is not permissible.
Q. What is the ruling for the commission taken by the institutes possessing Qarz ul Hasana / goodly loans (loans without interest) accounts from the loan borrower?
A. It is not permissible in the way commonly practiced these days.
Q. What is the verdict for receiving gifts and prizes from the banks by the account holder of goodly loans account?
A. If at the opening of the account the account holder has not conditioned to participate in drawing lots then it is permissible even though the motive of the account holder was to participate in drawing lots.
Q. Is it allowed to use the loan provided by bank for a specific purpose in any other cause?
A. No, it is not permissible.
Q. Another person's money was in my account and I won a prize for my account. Should we also divide the prize as well?
A. Prizes awarded by the bank relate to the account holder even though the amount in the account belongs to another person.
Q. Banks give interest on daily basis for fixed deposit accounts. Is it not usury?
A. If the account holder makes bank his agent for the money he has given and bank does a lawful business with that and gives a certain percentage of the interest to the accountholder and keeps remaining amount as commission similarly as stated in the banking law of without usury, it is permissible. However if the account holder lends the money to the bank as a loan with the intention of receiving more than the amount lent then it is usury and is haram.
Q. Why is it that despite of usury being haram, the banks in our country give usury loans and name them Qarz ul Hasana / goodly loans?
A. If banks operate according to the laws of without usury banking then there loans are not usury but unfortunately some of the bank authorities act without paying attention towards the law and customers also do not have sufficient information regarding the Islamic rulings of loans resulting in their loans becoming usury and haram.
Q. What is the ruling regarding depositing money in a monetary and credential institute who gives interest?
A. If the money is being given to an institute on one of the basis of lawful agreement like sleeping partnership (profit sharing contract) or co-sharing etc. and the business is being done according to the Islamic law than there is no harm in receiving interest. And the ruling is the same if an institute is hired as an agent to perform lawful business with the money and that institute keeps a portion of the profit as commission and returns the remaining to the account holder but if the account holder lends the money as a loan to the institute to receive interest then it is haram.
Q. Some of the goodly loans institutes proclaim: we will lend loan in case you keep an account for six months or a year with us. Is this allowed?
A. If keeping money in goodly loans account is conditioned with receiving a loan after six months it holds the verdict of usury and is haram.
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