Q: I wanted to find out if the pyramid scheme is halaal. I join the group, pay a fee and recruit people to join. For each person I recruit I get paid. So each person pays and the more people who are under you the more you earn. There are no products involved. A: These …
Q: I have a job offer as an audit manager in Saudi. I may be required to audit banks, insurance companies and hotels. Is this permissible or should I decline the job? A: It is our understanding that banks and insurance companies in Saudi Arabia do not indulge in transactions of riba or interest. In …
Q: My company has taken an insurance policy for employees where the employees are covered for medical expenses. Is it halal to get my medical bills reimbursed using the said insurance? Note this is a traditional insurance company. A: If your company has made this a compuslory insurance policy for all its employees, and deducts …
Q: Is insurance right in Islam? A: This article outlines briefly the Shari’ah ruling on Life Insurance. Insurance of any type is basically the sale of money for money, of a greater or lesser amount, with a delay in one of the payments. It involves riba or interest and riba is forbidden in the Qur’aan, …
Q: In what avenues can interest monies be disposed? I am aware that they need to be disposed without intention for reward. Can they be given to poor Muslim families or Muslim organisations? Do you have to disclose to the family or organisation that it is interest money? Can it be used to pay traffic …
Q: What is the shariah ruling regarding taking out life polices for certain amounts of money? A: LIFE INSURANCE IN THE LIGHT OF ISLAMIC LAW In the Name of Allah, Most Gracious. We Praise Allah and send Special Durood and Choicest Blessings on His Noble Messenger, and upon the illustrious family and Companions of the …
Q: Is it permissible to work for an insurance company even if its Muslim owned? A: Insurance is a procedure that involves two unlawful elements: viz; interest and chance. Interest is found because one pays into the fund a certain sum of money in premiums, and then gets back a far greater sum if and …
Q: I am working for a bank as a Debt Collector. I need to work in order to provide as I have to look after my mom and pay bills. I have tried searching for other employment but have not been successful. What does one do? I need to eat and drink. A. Continue to …
Q: Is it permissible to work at financial services institutions such as Sanlam, Old Mutual and Metropolitan Life. These institutions deal with Retirement Funds, Insurance (long term and short term), Investments, estate planning, etc. A. It is not permissible to work for these institutions because most of the financial products they sell contain the element …
Q: Can we pay off our mortgage with interest money? A: A mortgage bond may not be paid off with interest money. Interest or usury must be given to the poor or used for the benefit of the general public in amenities such as public toliets and bathrooms, building bridges and roads etc. It is …
