Transactions

January 18, 2024 3 mins

What is the Ruling on Paying Car Sales Tax on a Privately Used Vehicle?

Answered by Mawlana Ilyas Patel Question I bought a car from a friend in a private sale. I paid $13,800 for it. In Ontario, when I register the vehicle in my name, a tax of 13% is applied to the sale price. In the Official Ontario Used Vehicle Information Document, the car’s value is $0 […]
January 16, 2024 3 mins

Is a Partial Mortgage Permissible?

Answered by Shaykh Irshaad Sedick Question I purchased a house in Canada and covered most of the cost. However, I secured a mortgage equivalent to 1/6th of the property’s value and funded the remaining 5/6th by myself. Subsequently, I rented out the house. As a single mother, I reside in Egypt and utilize the rental income […]
January 9, 2024 3 mins

Can I Take Another Insurance Contract to Reduce the First One?

Answered by Shaykh Irshaad Sedick Question I live in the UK, where you are required by law to buy car insurance. Even with the lowest coverage, insurance at my age is very expensive. I have been given advice by the insurance company that if I pay for home insurance (which I intend never to use or […]
January 5, 2024 2 mins

Is Selling Purchased Currency at a Higher Price Permissible?

Answered by Mawlana Ilyas Patel Question If a person buys 1 dollar for a certain price, for example, 100 of any currency, and when that 100 goes to 200, he sells that 1 dollar. Is this type of transaction halal? Answer I pray you are in good faith and health. Thank you for your question. […]
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