Consumer Credit

Q: I would like to get some advice on the permissibility of buying an item on credit from a retailer. Let’s hypothetically say the item costs R5000, and the retailer offers the item on “credit” in instalments through a credit provider RCS. The monthly payment is fixed at R300 for 24 months making the total […]

Read More

Borrowing Money and Different Currencies

Q: What is the Islamic way of giving and receiving a loan to a needy person when lender and borrower are in different countries and therefore have different currencies? For example lender in USA gives $100 to borrower in Pakistan. Borrower converted the money at market rates of 60Rs and got Rs.6000. Later, the dollar […]

Read More

Paying Extra after Delay in Debt

Q: A person owes me money. After many months he decides to pay me what he owes me but, feeling guilty, he decides to pay me extra out of his own will because he feels he made me wait long for the money he owes me. Can I accept this or will this be considered […]

Read More

Paying Extra after Delay in Debt

Q: A person owes me money. After many months he decides to pay me what he owes me but, feeling guilty, he decides to pay me extra out of his own will because he feels he made me wait long for the money he owes me. Can I accept this or will this be considered […]

Read More