Search the Community

Okay, so here we go evryone on here finna hate me after this bcuz ik what the sc community is like but im gnna say this anyway IN the west, we have interest. In all (almost) every. single. transaction. now, many people FAIL to understand. that in the west living without interest is PRACTICALLY IMPOSSIBLE UNLESS you wish to live as a FAQIR or sumthin and idk about u but i sure as Hell DONT if something is necessary for us to function in society then whats the issue. Like be fr. I AM AWARE that riba is usury and haram and terrible I KNOW! HOWEVER, living in the west IT IS NECESSARY AND UNAVOIDABLE and as we know in islam if something exists which we legit cannot function without due to the fact that the entire society and nation is built upon it in an unavoidable fashion. such thing is permissible, this is obvious cuz allah doesnt want us going to live as malangs (ascetics) in the streets or countryside LOL. I just simply cant fathom how some people will still say "loans are haram" or "mortgage is haram" or "working in banking deals "or"credit card with interest are haram"etc like mate use ur brain??? Just cuz YOU are for some reason okay with living so "humbly" as to not engage in ANY such thing an not move out ur moms basement or live in a 1 bed rent or a homless shelter doesnt mean everyone else has to bruv. OR just cuz u LIVE in a muslim nation DOESNT MEAN we all do live in nations without interest in every part of life. cuz buddy we LIVE IN A SOCIETY WHERE IT IS BRUV BEFORE someone says "oh u can take loans or pay interest on banking deals at work or pay interest on credit cards IF YOU DO IT with the INTENTION of not paying it back and as a transaction without return even if u do pay it back" this is frankly NONSENSE im sorry! BE HONEST BE FOR REAL MATE purposely changing ur NIYYAH to pretend ur not gonna pay it back then the banks like pay it back and ur like "oh wow i had totally not intended to but now im being forced oh no aaaaa guess i gotta pay the interest" meanwhile u knew DAMN WELL that u were gonna pay it back makes ZERO ZERO SENSE!! THINK ABOUT IT this is the equivalent of me picking up alcohol and pretendining i dont know its alcoholic drink it and say oh I DIDNT KNOW liike be fr it doesnt make any sense its simple in the west, WE HAVE TO PAY AND RECIEVE interest!!! YOU KNOW IT AND SO DO I! so stop avoiding the blatant truth buddy. i personally for any living in the west living BELIEVE TAKING A LOAN ISNT HARAM YOU NEED THEM (UNLESS ITS FOR SOMETHING DUMB LIKE IDK A LOAN FOR A SHIRT OR SMTH LOL ) CREDIT CARDS WITH INTERST ARENT HARAM because; 1) ur paying the money to the bank not one single person its an entitiy who you dont know personally at all an unknown owner malik al majhul i think is what its called 2) working in banking with interst isnt haram IN THE WEST not everywhere of course. its just a job ur gonna deal in the interest no matter what and its a way of earning money BIGGEST POINT HERE READ THE WHOLE THING DONT RAGE it is completley NORMAL and fully ACCEPTED almost compulsory to deal with interst in the WEST therefore due to its complete necessitty its not HARAM obviously living in a muslim nation for example is a diff story. so imma become a banker without ppl telling me im a kaffir for it and imma take a loan OR GET AN AMEX card to BUILD A GOOD CREDIT SCORE AND PAY FOR THINGS I CANT INSTANTLY AFFORD and build a credit score for a rainy day or to buy a nice house or car one day. If i need to take a loan for car house education investment or invest in bonds options forex etfs futures stocks crypto etc i see no problem in this. FURTHERMORE MANY MANY SCHOLARS AGREE THAT THE INTEREST WE HAVE TODAY IN THE WEST IS NOT THE RIBA / USURY THAT IS REFEREED TO IN THE QURAN / HADITH!!!! HOWEVER, if I ever move to a muslim nation insha'allah then yes its a different story WARNING: IM TALKING ABOUT IN REGARDS TO GIVING AND RECIEVING INTERST IN NON MUSLIM NATIONS WHERE IT IS NORMAL AND NOT SEEN AS USURY IM NOT SAYING ITS UNIVERSALLY OKAY I WOULD NEVER SAY SUCH THINGS! AND IM TALKING ABOUT DEALING WITH A NON MUSLIM BANK. SO LIL DISCLAIMER

Salam alaykom, It seems there are some banks and institutes in west which have kinds of Mortgage or loan for Muslims according to Islamic rules such as Storebrand in Norway and HSBC (Norway bank) Amanah in Malaysia. Does anyone know these banks? Is that correct? Does anyone know any other bank or institute in Europe or North America which has Islamic Mortgage or loan? Please share your information about mortgage and loan in Europe and America. Thanks

http://www.islamquest.net/en/archive/question/fa14068

Assalamu Alaykum everyone- I live in the United States and would like to open a modest clothing store. For the most part I have to order my clothing online in order to find loose, comfortable, nice looking islamic clothing. Other people I know have the same problem of finding modest clothing in stores including non-muslims who want to dress more conservatively. Clothing is the first phase but would eventually like to expand to some other ideas I have. I am in the process of writing a business plan and compiling information on everything else that goes into starting a business: location, store set-up, merchandise etc. The biggest hurdle thus far is financing. I am hoping there are individuals on this forum who can contribute ideas on securing islamic financing. The start-up cost of something like this is estimated at $50,000. There are a couple of business that provide interest free islamic business loans but you have to have experience in running a business which I do not. There is kiva.org, gofundme.com but the only problem is not knowing if the money given by a person was earned in a halal way. Any information given is appreciated, shukran!

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..............

Salaam, I have a question regarding giving a loan or lending money to friends, relatives etc. I have heard that when we give money to anyone as a loan, it should be accompanied by a contract/agreement which details the amount given and the date by which the money must be returned to the lender. Now, when lending money to relatives or friends and also giving them a contract as an agreement may not go down too well - but is this the way that Islam prescribes to go about this process? Or should it be a more informal arrangement? If anyone has any hadith from the Holy Prophet saww or the Imams a.s on this i will appreciate it very much. Also any guidance on to what is recommended will also be helpful and any links to some reading material. Jazakallah