Ruling On Retail Forex
السلام عليكم ورحمة الله وبركاته In presenting the ruling on retail forex, a few preliminary points need to be understood. They are: 1. The Shari’ah considers gold and silver as the primary forms of currency. There was…
Zakah on an Access Bond
السلام عليكم ورحمة الله وبركاته 1. There is no zakāh on the amount available to you in terms of an access bond. 2. Zakāh is levied on money which one (1) actually possesses, and (2) has been…
Selling Property to a Church
السلام عليكم ورحمة الله وبركاته 1. There is a consensus that it is not permissible for a Muslim to sell land to a Christian who intends to erect a church within a city. Allah stated in Surah…
Investing in Nasdaq100 and S&P500
السلام عليكم ورحمة الله وبركاته 1. We are unable to directly assess the nature of the individual companies listed within the Nasdaq100 or the S&P500. However, you can refer to certain guidelines, primarily drawn from the AAIOFI…
How to deal with Education and Car loans
السلام عليكم ورحمة الله وبركاته My advice regarding your debt is as follows: If you have the financial means to settle your debt, it is advisable to prioritize paying off the debt as soon as possible,…
Ruling on Medical Aid
السلام عليكم ورحمة الله وبركاته 1. Medical aid is an insurance product. 2. Insurance, however, operates in two modes: 2.1 Commercial insurance: 2.2 Co-operative insurance: 3. There is broad concurrence between the ‘Ulama that commercial insurance as described…
Using interest for traffic fines
السلام عليكم ورحمة الله وبركاته The opinion that permits the payment of traffic fine with interest is based upon the contention that the levying of traffic fines is an injustice. We do not agree with this view. In…
Inter-masajid soccer tournament with prizes
With reference to your query, please be informed as follows: Competitions, in principle: The concept of competing [Arabic: al-Musābaqah] is one that is not foreign to the Sharīʿah. ʿAbduLlah ibn ʿUmar narrates the following: عن عبدالله بن عمر:…
Disposal of ribā
Interest that accrues on money unequivocally falls within the category of ḥarām funds. The general rule that applies to any form of ḥarām funds is as follows: Where the rightful owner is known, it must be returned to…
eBucks
With reference to your query, please be informed as follows: Loyalty programs and customer incentives have become fairly common commercial offerings in recent years. eBucks—and the same may be said for similar incentives offered by other financial institutions—represent…