Finance
58 answers filed under Finance.
Working at check-out counters
Assalamu Alykum Sheikh, Is it lawful to work at the check-out counters in a supermarket that sells both lawful and unlawful products?
Read the answerIs Forsage Halal ?
In the name of Allah, the most Gracious, the most Merciful,
Read the answerATM machine
What is the ruling of keeping an ATM in one’s store, and the business owner receives a percentage of the fees charged by the ATM?
Read the answerSplitting bill with non-Muslims
During Team gatherings, we will all go out to a nice restaurant and end of the day have to Split lunch/dinner bill with the work colleagues. Now usually, they will order Beef or Pork items from the menu and also drinks t
Read the answerDog Walker Job
My son wants to earn a bit of pocket money by walking some dogs in the neighborhood (especially for some of the more elderly neighbors who have pets as companions). In any case, is this Islamically permissible and consid
Read the answerAl-Rayyan bank
Regarding Al-Rayan Bank, Darul Ifta Birmingham’s position is as follows:
Read the answerBuying and Selling Stocks
Before investing in stocks, there are general guidelines/principles to take into consideration. If these rules are adhered to, then it would be permissible. Our Darul Ifta has shed light on this subject, hence you may re
Read the answerZakat on savings account and jewelry
It is not permissible to deliberately open such an account that accrues interest. If one’s savings account accrues interest, they should transfer their funds, excluding the interest, into a non-interest account. Also, th
Read the answerGiving up one's share in inheritance
Regarding inheritance, ownership is not contingent upon any spoken words nor documents. Upon a person’s death, the inheritors stipulated by Allah (SWT) automatically become the owners of their relative’s estate per their
Read the answerIs Forsage halal ?
بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allah, the Most Gracious, the Most Merciful
Read the answerDonating to Church ?
1) Is it permissible for a Muslim to donate money for building a church? 2) Is it permissible for Muslims to accept donations from non-Muslims for building Masjids?
Read the answerLate Fee
Any late fee charged because of not paying one’s debt by the due date is considered interest, thus prohibited. One should ensure they pay their bills on time to avoid paying late fees, which are in actuality interest.
Read the answerSpending on Wife
Is the above advisory or necessary upon the husband? Some husbands don't give weekly pocket money but fulfill all basic living needs and will buy for the wife when she asks for something. I appreciate there's no blanket
Read the answerStudent Loan
Our Darul Ifta has shed light on this topic. For details, kindly refer to the following link:
Read the answerinvesting in ETF is allowed ?
Before investing in stocks or trading them, there are general guidelines/principles to take into consideration. Our Darul Ifta has shed light on this subject, hence you may refer to the following links:
Read the answerLife Insurance
It is not permissible to get life insurance even according to the above-mentioned circumstance. For more details, kindly refer to the following link:
Read the answerMasjid Funds usage
If Masjid A’s excessive funds are money donated by the people, and it currently does not need these funds nor will it need them in the future, then it may give the funds to Masjid B on the condition that the people who d
Read the answerTesla Stock
If the income received from the Tequila drink is 5% or less, then it would be permissible to invest in the TSLA stock. Nevertheless, whatever percentage of the income that was from the Tequila drink, that amount must be
Read the answerBreaking terms of contract
Dear Employees: You can donate to your favorite charities via payroll deduction, personal check, stock, and even via credit card.
Read the answerAre Bitcoin and Ethereum trading halal and allowed in Islam?
Are Bitcoin and Ethereum trading halal and allowed in Islam? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
Read the answerAuditor/Accountant earnings from non-shariah compliant businesses or for getting interest-based loan
Auditor / Accountant earnings from non-shariah compliant businesses or for getting interest-based loans Salam. I have a question that is a great concern to me as I think I will have to change my career or find a unique h
Read the answerBitcoin
Stock in a company dealing in foreign exchange trading especially in Cryptocurrency like bitcoin but with no interest involved since it’s a day to day transaction with no overnight balance so no interest accrues. Answer:
Read the answerBOTB and Gambling
I have a question regarding a competition known as BOTB. A lot of Muslims are entering it and quite a few have won. Is it halal to enter, would it be considered gambling? You enter by paying a fee for a prize, the fee ch
Read the answerCan a ring made of white gold be given as Mahr ?
Yes, a white gold ring may be given as mahr, on the condition that its value is equivalent to or more than the minimum mahr amount (10 dirhams).1 Kindly refer to the following link for more details:
Read the answerCan we give zakat to tableeghi jamats brother who are wealthy ?
Can we give zakat to tableeghi jamats who are wealthy (i.e. they possess the nisab amount which is beyond their needs)? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
Read the answerDisposing of interest money
A person has borrowed £5000 from a few family members from one joint account, due to which he is in debt and not liable to pay zakat. At the same time, one of these family members from whom he has borrowed has a personal
Read the answerFulfilling promise of payment ?
Salaam Mufti sahib. We are 4 friends. We decided to go to Europe for a holiday by road. We booked a ferry for £152 in advance.
Read the answerHow can I convert haram money to halal ?
How can I convert haram money to halal? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
Read the answerHusband building house on shared land with loan money ( interest based )
Can I refuse to live in a house that has interest (US bank loan) if my husband has the means to purchase a smaller home in cash, but doesn’t want to? Or do I have to live there as his wife? Also, my name would be on the
Read the answerIncome of makeup artist halal ?
If a makeup artist works with clothing, jewellery or makeup brands, doing makeovers of models, for endorsement of particular brand. Sometimes the models are wearing revealing clothes. Photographs are taken of models and
Read the answerIs buying a house with a mortgage haram or halal ?
Is buying a house with a mortgage haram or halal? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
Read the answerIs it obligatory for a child to pay the debt of his late parents?
No, it is not obligatory. However, if the child does pay it, he would receive a lot of reward. It is mentioned in *Kitaabul-Meerath: “Payment of the debt is not incumbent on the heirs. Should they willingly pay the debt,
Read the answerIs it permissible to pay their zakat in advance before the completion of their zakatable year ?
Is it permissible for a person to pay their zakat in advance before the completion of their zakatable year? For example: Zaid’s date to discharge his zakat is Muharram 1st. Before the completion of a year (i.e. before th
Read the answerIs it permissible to sell any of these plans or insurances ?
Is it permissible to sell any of these plans or insurances: RRSP, RESP, TFSA Pension plans Open investments Universal life insurance Whole life insurance Term insurance Segregated funds Auto insurance Home insurance Mort
Read the answerIs it permissible to work in a bank in the fraud advisory or fraud analyst areas ?
Is it permissible to work in a bank in the fraud advisory or fraud analyst areas, where you are not involved with the finance/interest related area/department of banking? Some say it's not permissible to even be a securi
Read the answerIs online stock trading halal in Islam ?
Is online stock trading halal in Islam? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
Read the answerIs tax money considered form of a Zakat ?
Is tax money that goes to the state and federal government considered a form of zakat since that money is used to feed the poor, for education and infrastructure etc. Retirement offer through work (benefits can fluctuate
Read the answerIs the monthly maintenance fee charged by banks considered interest ?
Is the monthly maintenance fee charged by banks considered interest ? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
Read the answerIs zakat on checks not deposited yet ( passing of a year ) ?
If hawlan e hawl takes place (passing of a year) and a person is sahib e nisab, will zakat be necessary on one’s check which has not been cashed or deposited? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most G
Read the answerMutual Fund
Is this okay to use? Are there better investing options? [https://www.saturna.com/amana](http://www.saturna.com/amana) Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
Read the answerOwing debt collection agency money
If a specific company which is owed money by a customer decides to sell the debt owed to them, due to the despondency of recovering the debt from him, to a debt collecting agency, then according to Islamic Law who will b
Read the answerProfit or Interest ?
Friend, a businessman in a foreign country, doing business with clients in the US. The client has to be paid in USD for the product. My friend is requesting me to pay his client, he would pay me in a foreign country with
Read the answerQuick pay & factoring
In the trucking industry, truck drivers deliver loads for companies or companies via brokers. For example, when the load is delivered, and the driver wants to obtain his money for the service, he has to wait a month or l
Read the answerRuling on 401K
Asalamualaikum sheikh. Can we have 401k from the company that one is working with. How should one approach this masala from Islamic point of view. Jazakallah khair Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the M
Read the answerSelling car to someone who takes loan from the bank
A Muslim works at a car dealership and he sells a car to someone in such a manner that the customer takes a loan from the bank in order to purchase the car. However, the bank pays the car dealer directly instead of the c
Read the answerSelling to Muslim customer whose wealth is haram
If a Muslim customer’s wealth, or the majority of it, is haram, is it permissible for a Muslim merchant to accept his money? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
Read the answerTaking loan from life insurance company ?
Salam. My dad passed away. He had life insurance for my mom, but he took out a loan from it. Now is that loan considered my dad's or my mom's?
Read the answerUnknowingly overpaid zakaat in previous years
If someone has unknowingly overpaid zakaat in previous years, and now they realize that they've overpaid, can they offset that amount for this year's zakaat? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gr
Read the answerUnpaid Nafaqah
I have been divorced by my ex-husband and my waiting period (Iddah) time has also come to end end We had been married for 2 years and 9 months; in that time my ex-husband did not give me any money in terms of Nafaqah (sp
Read the answerWealth from government
Asalamu alaikum. I have another question. It is about halal and haram wealth. I am from Nigeria. I have a Nigerian fiance who lives in the USA. I want to quit the relationship because of my doubts concerning his source o
Read the answerWhat do with Money found on ground ? ( Luqta )
Asalaam alikum - i was in Costco today and noticed money on the ground. It w as $7...of course I couldn’t determine who it belonged/who dropped it so I picked it up and plan on giving it in charity, maybe placing in masj
Read the answerWhat is a good amount of Zakat given to poor person ?
Is there a limit on how much Zakat should be given to one person. For example, if I want to give 2-3k to someone so they can set up a business so they can be financially stable would that be permitted? Answer: ﺑﺴﻢ اﷲ اﻟﺮ
Read the answerWhat is the ruling on RSU that is awarded to employees based on their performance ?
What is the ruling on Restricted Stock Units (RSU) that is awarded to employees based on their performance? The employee does not buy them but they get it free. Is this the same as buying stocks and we have to minus the
Read the answerZakat on car ?
When someone buys a car and has dual intentions that he will use it for a little while but then sell it, is there zakat on that? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In the name of Allah, the Most Gracious, the Most Merciful
Read the answerZakat on home which is rented out
When buying a house and intending to rent it out but end up selling it, is there Zakat on the house? In other words, when he is buying he is intending to rent it out, but later on he changes his mind and decides to sell
Read the answerZakat on jewelry
Acquired gold in 2005. Didn’t pay zakaat on it under the impression that we had borrowed money to buy a house and so we were in debt. The house was paid off by both me and my husband but we never established whose debt i
Read the answerZakat on scholarship money ?
My kids are UC students and they got scholarships & grants to pay their tuition fees and other expenses. They have some remaining funds in their individual accounts, do I have to pay zakat on it? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟ
Read the answerZakat to family friends
I have some close family friends who may be eligible for Zakat. Should/Can I give my Zakat to them knowing they can get by vs giving to someone in war-torn countries who are struggling? Answer: ﺑﺴﻢ اﷲ اﻟﺮﺣﻤﻦ اﻟﺮﺣﯿﻢ In th
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