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Found 9 results

  1. Salam alaikum I have a question. I am currently working for td bank in Canada as a financial advisor. I am salary based right now but I do help finance mortgages currently as part of my job. I have been presented with the opportunity to work as a Mobile mortgage specialist for TD. This is a 100% commission based position and I would get paid per mortgage that I help finance. I am wondering if it is permissible to work as a mortgage specialist? I found the following on Ayatullah Sistani website but I couldn't get a clear answer from it: There are two kinds of bank business: 1. The first is haraam. This may cover the type that relates to transactions leading to usury, such as acting as an agent in handling, registering, acting as witness, receiving excess money [interest] on behalf of the owner and the like. Of the same nature are transactions pertaining to companies involved in usury or the merchandise of alcoholic drink, be it sale of their shares, the opening of letter of credit or similar work. All this sort of work is haraam. It is not permissible to be involved in it and those working in it are not entitled to wages in return for the work they do. 2. The second kind is that which does not involve interest. It is permissible to take part in it and receive wages thereof. (29) If, in the usury transaction, the party paying the interest is an unbeliever, be it a foreign bank or other, it is, as explained earlier on, permissible for a Muslim to take. Accordingly, it is permissible to deal in such work, which is linked to carrying out such usury transactions within the banks and outside them. (30) In some cases, some of the money, deposited with either state owned or national bank in Muslim countries is considered among money of majhoulil malik, needs consultation with the Marji’ to having the right of disposal over it. There is, therefore, ishkal in working for the bank and getting involved in either receiving from or delivering such money to bank customers, from those who might have the right of disposal over it without a license from the Marji’ to make it good. (31) The validity of ji’aala, ijarah, and money order and similar dealings with state banks in Muslim countries is dependant on the license of the Marji’. It is not in order without his permission. If anyone knows the answer to this please let me know Thank you
  2. Guest

    Any halal banks in America?

    Does anyone know of any banks in the USA that don't give interest on deposits in accounts (like checkings and savings)??
  3. Salams Can I trouble kind members to share rulings of our marjas regarding the interest we receive on savings (cash) from banks? i-e halal, haram, mubah, makrooh e.t.c Are there any conditions under which that interest maybe acceptable? Is there an element of niyyah (intention) involved considering that many of us have to pretty much follow current worldwide financial system in order to compete/survive? Or is it outright haram? e.t.c If possible, I'd also like to know how the rulings are deduced. My layman understanding is that part of the interest we receive on our savings covers the inflation rate. And part of it (real interest) is what an investor in general expects to receive as a profit for investing in the financial institution. The latter seems to be the suud (interest) which Islam forbids. Am i on the right track? If so, can we accept/receive the rate/interest which atleast covers inflation? Also welcoming members who have their personal research/thoughts to add to this discussion. Thankyou
  4. As-salamu alaykum, dear brothers and sisters. I consider this to be a rare privilege for me to stumble across this site and I piously hope that my association with the site would prove to be constructive. Let me pose a very important question to the learned members of this site, which I believe would be beneficial to the mass: What is the stance of Qur'an and the Ahlulbyt (AS) on 'halal' income? Allow me to exemplify. It is my understanding that any financial gain by way of deception, or derived from interests, are strictly haraam. Is there an exhaustive list? AND MORE IMPORTANTLY, is there any definite criteria that would allow one to assess whether his income is halaal or not? I thank you in advance for taking the trouble of contributing to this discourse. May infinite blessings of Allah shower upon you.
  5. Salaams all, Appreciate any help from anyone who knows about this topic. Please answer very carefully because my future may depend on your answer. I lost my job and in the process of being offered anther but just found out that it involves making reports (analysing data from databases) of bonds. I neither deal with them directly, sell them nor buy them. Just create reports for companies that already have them. Is this allowed ? The countries are all non-muslim as far as I know. The company deals with many non-muslim companies and one bank (Muskat bank) that is from Oman. Many thanks. (I follow Agha Sistani)
  6. Assalamualaikum. I have been applying to several stores and restaurants, because I am looking for work. However, upon reading some fatwas, I have realized that it is haram to work as a cashier and sell pork to non-Muslims. This has easy to work around, Alhamdulillah. I have done so by applying to departments stores. But as a cashier in a department store, I am forced to accept credit cards as a form of payment and I am also required to ask customers to apply for a store credit card. Is this haram? Also, if I work as someone who folds clothes, for example, in the same store, is it still haram since the store charges people interest with its credit card. The store is called Sears, if you are familiar with it. So is it haram to work in a store where credit cards are sold and used? I have not been able to find this answer in any of the Ayatollah's websites. Is it is haram, would this not make every store in America haram to work in, since they all accept credit cards? Thank You So Much
  7. Salaamun Alaikum, How does one go about buying a house here in the West? Given that most people do not have the full amount of cash to buy a house outright, how can one go about owning a house without getting a mortgage? I have seen the fatwa's that say you can get a mortgage as long as you have the intention of not paying the interest or something along those lines. But i can't see how you can actually get a mortgage and intend on not paying the interest. When you are taking the mortgage, you already know that you will have to pay the interest and you will obviously be intending to pay it - you can't lie to yourself! So, any novel ideas on how to own a home? I think there should be some central shia house buying thing set up, where they lend people money to buy a house and do not charge interest. E.g. They lend 100000, and then the borrower has to pay back 110000, so 10000 is the fee that they charge. I guess this should be ok? If only..............
  8. Hello all I have a cousin, in chatting he told me that he has had interest from a foreign exchange company regards a work prospect dealing with clients / customer service . When I was happy for him he seemed hesitant. so I probed, and he started going on about a flawed money system , and it potentially being unislamic to work in such places with a general attitude of not wanting anything to do with this sector . And then came the conspiracy type talk which perhaps may hold some truth , but... Well to me sounded far fetched, he said that his wages could be paid from interest, I dont know how true that is and he can't prove it, I understand working directly with interest would be wrong , but my knowledge of banking/ foreign exchange markets/ economics are not sound or worthy of offering my opinion to him, so I just left the whole topic. Anyone have any knowledge on these systems or in particular foreign exchange market and a good answer to give him, affirming or negating his views as I don't believe he's based his decision on understanding , mA his intentions are noble but I don't want him to miss out on an good opportunity for no reason.
  9. There are many Pakistani guys in my state and especially in the mosque area. They are Sunni the mostly, but they seem like genuine nice guys. I've meet with some of the families before and they are very family oriented and good. But is it true that in the Pakistani culture they make their child memorize the entire Quran through hitting? When my my cousins were young , they attended an Islamic school, and if they got one word from the Quran wrong they had their ears pulled by the instructor who was Pakistani. Is that old school folks who do that? In other words if I marry this Pakistani guy...he wont be strict like that with our future kids?
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