Miscellaneous Questions on Loans & Insurance
بِسۡمِ ٱللهِ ٱلرَّحۡمَـٰنِ ٱلرَّحِيمِ The following is by Shaykh Nur ad-Din Abu ‘Ubadah ‘Ali ibn Juma’ah. The following are the answers to miscellaneous questions. My company takes money away from my salary to give me compulsory life and medical insurance. I cannot change it as they have said that this is compulsory. I do not know whether there is any riba’ involved in these insurances or not, and also do not know if they invest the money in haram activities. What should I do? In Islamic law, insurance is permissible and thus you are not blameworthy. Is borrowing money on credit card haram if they give you 0% interest free deal for a period of time but charges you a balance transfer fee for it. After the introductory period the bank would charge interest, riba’ , if one did not pay back all the money? This is permissible in Islamic law so long as you abide by the prescribed time for paying back. ...