Please donate your Riba interest money here. Bank interest money. Donate Now. Why is interest forbidden? I have interest money or my bank account pays interest, what should I do? This includes: Any interest earned from savings accounts, ISAs and other savings investments. Interest earned by lending money, property or goods Payments of interest for credit card fees, loans or mortgages In the case of donating Riba to charity, you would be required to donate the amount of interest earned e.
What is difference between Riba and interest? Why Riba is prohibited in Islam? Is Riba a major sin? What should we do with interest money? Donate Riba today. All rights reserved. Registered Charity No. Select a Fund. Password should contain small, capital letter and at least 8 characters long. Log in Create an account. Can't log in to your account? If you do not have an account, you can click the button below to create one. If you have an account, log in. Create new account Log in.
English en. What should be done with interest? Publication : And when you lose in attempting the American dream, you lose big. You even lose what you had already paid for. So why not think of not losing on the Day of Judgment by opting for a simple life here. I know a Muslim sister who, before accepting Islam, used to be a real estate agent and was married to another real estate agent.
She not only lost her dream hose but suffered the breakup of her marriage as well. Now a Muslima, she lives in a mobile home in a mountainous countryside. She now deals in interest-free real estate transactions only. She feels that her life is simpler and more comfortable now. Non-financing options are difficult but possible. However, do ask yourself some hard questions before you decide to buy a house: Is it absolutely necessary that you buy a house even though you cannot afford it?
Is it necessary to buy a house which is beyond your means? Is it wise to pay four times the amount of the actual price of the house just to own it now? Is it not cheaper and headache-free to live in a rented apartment than to own a house where you do not have to worry about snow shoveling, lawn mowing, repairs, rising property taxes, etc.?
Have you made a budget for yourself? Are you sure you are going to keep the income which you are counting on to buy the house?
Do you have enough of a financial cushion for any and every emergency? After this analysis, if your answer is still yes, you must buy a house, then consider some of the interest-free options. Make a budget which will allow you to save more money.
Involve every one in the family in the process of saving money. The more money you can give as down payment, the better your chances of a contract which doesn't involve financing. Do adequate research before you end up with any real estate agent. Read books about it. Seek friends' assistance who have bought houses without mortgage.
They were able to find good deals because of good research. As well, their firm anti-interest commitment made them look harder into other options.
One of the neighbors told a new homeowner that he wanted to buy the same house for a long time but could not figure out whom to approach. The house had been advertised for six months in a newspaper. Information is certainly power. Housing and Urban Development HUD houses are announced at least twice a month by the federal government for auction. They are good houses, which you can buy at 50 to 60 percent below market price. If you can save enough money or can get an interest-free loan for two or three years through friends and relatives, you can buy a house for cash.
Buying for cash makes your offer more attractive to some sellers. You will be able to get a better deal. One Muslim I know was able to reduce the asking price by 14 percent because of his cash offer. Since it is a buyer's market, you may be able to get an even better deal. Muslims have developed informal co-ops in which six or seven families help one to buy a house on a cash basis.
They develop a personal loan contract among themselves, with witnesses and signatures. Most of the Masjids and schools in North America are purchased without interest through collective purchasing power and good negotiation. Some Muslims have purchased apartment buildings similarly and in turn have offered them to trusted Muslims and friends on interest-free installments. Many of them, with common consent have turned the basements into a Masjid and school.
You can save the money to afford a higher down payment with a contract to pay off the rest within two or three years without interest. If we consider Allah's Guidance to be essential for success in the Hereafter, then the struggle to stay away from interest despite the prevailing system is our way of achieving Allah's pleasure. I agree that it is difficult. But Allah promises Jannah in the life to come which is everlasting. The example of this world compared to the world to come, as the Prophet peace and blessings be upon him said, is like a drop of water to an ocean.
Assalam u Alaikum Thank you for the article I want ot ask you that if a person is trapped in a situation that he have to take the Riba Then will it be Halal for him? Like I am supposed to buy a house So I am supposed to take a loan from a bank that loan I offered by the government with 5 percent of interest.
I have no other way to purchase a house other than to take a loan. Then Is it Halal in this situation? Salaam, May Allah bless you for your advice. Is there any one who can help me to buy a home through interest free installment?
I need Canadian Dollar.
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