Zakah on lent money
Do I have to pay zakah on money I lent to someone else? A: It depends on the financial status of the borrower: Scenario: The borrower is wealthy and capable of repaying…
1 min read
Category
Islamic Finance
83 of the archive’s 436 rulings.
How to calculate zakah on Inheritance
How do heirs calculate zakah on inheritance? A: Each heir must: Determine their share of the inheritance. Add it to their existing wealth. Pay zakah (2.5%) on the total…
1 min read
Zakah on Inherited wealth
Does zakah apply to inherited wealth or wealth that has reached the nisab and a full year has passed? A: Yes, zakah is due on inherited wealth as long as it: Reaches the…
1 min read
Zakah on RRSP (Registered Retirement Savings Plan)
Q1: Do I have to pay zakah on my RRSP or other savings plans like educational savings? A1: Yes, you have to pay zakah if: The amount reaches the nisab (minimum zakahable…
1 min read
Zakah on RRSP & Registered Educational Plans
Do we have to pay zakah on a registered educational plan or RRSP? A: Yes, zakah is due if the amount reaches the nisab (around $11,000 CAD) and has been held for a full…
1 min read
Mortgages in islam
MORTGAGE & HOMEOWNERSHIP 15. Q: What is the general Islamic ruling on riba-based mortgages? A: The general ruling is that riba is haram. Taking a conventional mortgage…
2 min read
Car Loans in islam
CAR LOANS & PERSONAL FINANCING 24. Q: Is it permissible to take a riba-based loan to buy a car? A: No. Car loans that involve interest are not permissible if halal…
1 min read
Student Loans
1. Q: Can a student take a loan just to access attached grants, if they already have enough money? A: Yes, if the loan is interest-free for a set period (e.g., six…
3 min read
Q & A – Islamic Finance
Q&A Collection: Student Loans, Riba, Mortgages & Halal Finance Dr. Mahmoud Omar Organized by Topic for Clarity STUDENT LOANS & FINANCIAL AID 1. Q: Can a student take a…
8 min read
Ownership, Investment & Intention
If a child pays off their parents’ debts, such as mortgages and car loans, does that make them the owner of those assets? A: It depends on the intention. If the money…
2 min read
Gifting & Ownership (Hibah)
1. Q: What is the Islamic concept of hibah (gifting), and how should it be practiced? A: Hibah is giving something to someone without expecting anything in return. It is…
2 min read