Financial Transactions
Investment, mortgages, and everyday money matters viewed through the lens of the Shariah.

1 Is it allowed for me to use the interest money accumulated in my bank account? 2 Should I take the interest money accumulated in my bank account? Or should I leave it to the bank? 3 Can I use the interest money to pay my student loan or my utility bills? 4 Can I give the interest money to relatives/friends of mine who are considered poor? And do I have to inform them? 5 What is the best way to get rid of the interest money? 6 What is the Islamic ruling on buying additional warranty coverage for electronic products? Also, is it permissible to work at a store that sells these extended warranties? 7 Is it permissible to issue a credit card and is the ruling on accepting the cash rewards? 8 Is investing in 401k permissible in Islam? 9 Do we pay Zakat on 401k before the due date matures? 10 Is Zakat owed on retirement accounts, such as a 401(k)? 11 What if the 401(k) account imposes restrictions and penalties if withdrawn prematurely? 12 What is the argument for paying Zakat on restricted accounts? 13 Are all IRAs restricted like the 401(k) with the same Zakat rulings? 14 Is it permissible to invest in Cryptocurrencies, specifically Bitcoin? 15 What can Interest/impermissible money be spent on? Can you give interest money to charity in Islam? 16 Is it permissible to transfer an interest-based debt to a non-interest based debt or to a 0% interest rate debt, so the interest can be reduced or eliminated? 17 Is investing in stock market permissible in Islam? 18 Are student loans Islamically permissible? 19 Is working at a bank Islamically permissible? 20 Should a long-term debt be returned on the due date for the amount previously borrowed or its current value today? 21 Are gifts and cash incentives offered by banks to account holders Islamically permissible? 22 Is it permissible in Islam for a person to take a loan on his own 401k and pay it back with interest? 23 Is using a credit card to fund my Umrah trip Islamically permissible? 24 What is the Islamic ruling on option contracts on shares/stocks? 25 Is it permissible to purchase a house if the seller and the lender are the same entity? 26 Is investing in 401k permissible in Islam? 27 Do we pay Zakat on 401k before the due date matures? 28 Is Zakat owed on retirement accounts, such as a 401(k)? 29 What if the 401(k) account imposes restrictions and penalties if withdrawn prematurely? 30 What is the argument for paying Zakat on restricted accounts? 31 What if a person owes Zakat to a retirement account but does not have the cash liquidity to pay from their available wealth? 32 Are all IRAs restricted like the 401(k) with the same Zakat rulings? 33 Is it permissible to buy or sell something at a specific price at a specific time; for example… 34 Is it permissible to receive cash back from a credit card company? 35 I am looking to open a bank account with global reach. The banks that suit my needs offer checking accounts that pay approximately 0.5% interest on deposited funds. Is… 36 I invested $2,000 in a small business. The agreement was that I would receive 1% of all sales until I receive my original $2,000 plus an additional 50%… 37 My father passed away three years ago, and the financial responsibility of the household has fallen upon me and my brother. My family is asking me to take an… 38 A company (Liberis) offers me $5,000 upfront through eBay, and from the beginning, a fixed “service fee” of $800 is added…