Question:: I am a simple muslim residing in the UK. Alhamdo-lellah until now I did the best of my try to earn halal and avoid interest. Now I feel I should buy a house of my own (my children being growing). There is a prelimenary Islamic modaraba and ijara home purchase introduced by a bank in UK.Unfortunately some of its conditions are difficult to meet by an average earner like me e.g a condition of 20% down payment is a prerequisite, it is difficult to provide that much money. So I cannot avail it. I can afford the conventional mortgage. I realy feel 'krahiyat' for it, but I do not know what to do. Is the conventional mortgage allowed in Islam in any way? or I have to live in a rented house for life.

Question:: I am currently working for a bank and have been told many conflicting stories about this act being allowed or prohibited in Islam and am really confused over the issue as this job is also the my main source of income?

Answer: Answered by Sheikh Yusuf Talal DeLorenzo

The same question was asked of Shaykh Muhammad al Ghazali, may Allah bless his soul, in my presence over twenty years ago. The answer he gave was the answer given by his teacher, Shaykh Hasan al Banna, to someone who had asked the same question.

Question:: I own 3 properties on interest based mortgage. I receive rental income from 2 properties and live in one. There are surpluses on rental income after paying monthly interest and other expenses. However, I use the surplus to repay my personal loan. ( Allah willing, I am seeking an Islamic solution to my financial affairs)

Please comment on my situation and advise me if I could borrow further(interest bearing) to help the Muslims in Chechnya. May Allah help us all!

Answer: Answered by Sheikh Yusuf Talal DeLorenzo

Question::I have a question regarding buying stocks for couple of months and then sell it. Is that considered to be day trading and prohibited or (not)!Thanks.

Answer: Answered by Sheikh Yusuf Talal DeLorenzo

In answer to your question, it may be necessary to first explain the stance on day-trading I believe to be the one most consistent with the teachings of the Shariah.

To begin with, equity investing offers Muslims the opportunity to profit, not by lending at a guaranteed rate of return, but by sharing in ownership, and thus commiting to share in the risks associated with ownership.

Question:: Can you suggest any other literature regarding the propriety of granting stock options in a company to Muslim employees? Are Muslims able to participate in employee stock option plans? If not, what other options are available in lieu of partcipating in employee stock option plans?

Answer: Answered by Sheikh Yusuf Talal DeLorenzo