Q: Can one buy and sell foreign currencies? A: Trading in foreign exchange by buying and selling currencies is totally permissible provided at least one of the two currencies is present and take into possession at the time of the transaction. If a deal of this nature is done while none of the two commodities …
Q: Is it permissable to rent out our premises to the bank? A. Letting premises to banks is not allowed, for the core income and basis of all dealings of banks is interest (Ribaa). Mufti Siraj Desai
Q: Is it permissable to rent out our premises to the bank? A. Letting premises to banks is not allowed, for the core income and basis of all dealings of banks is interest (Ribaa). Mufti Siraj Desai
Q: 1) Is it permissable for me to buy foreign currency at lower than the market rate in this way, that the seller gives me the pounds, we agree on a rate then I give him the money later?2) How is the market rate calculated? Will the spot rate be considered (what we hear on …
Q: 1) Is it permissable for me to buy foreign currency at lower than the market rate in this way, that the seller gives me the pounds, we agree on a rate then I give him the money later?2) How is the market rate calculated? Will the spot rate be considered (what we hear on …
Q: I recently opened an Islamic Smart Account with FNB (South Africa). I would like to know if the profits paid on this account are indeed in compliance to the shariah and whether I may utilse the profits. A: The Islamic Smart Account: The money that is deposited into this account is ring-fenced (confined) and …
Q: I recently opened an Islamic Smart Account with FNB (South Africa). I would like to know if the profits paid on this account are indeed in compliance to the shariah and whether I may utilse the profits. A: The Islamic Smart Account: The money that is deposited into this account is ring-fenced (confined) and …
Q: Is online Forex trading aloud in islam? A: According to our research, Forex Trading is not allowed. Forex is basically trading over the internet without physical possession and delivery of currency. Shari'ah has placed certain restrictions on currency trading so that Muslims can be safeguarded from Ribaa or interest. One condition is that at …
Q: Is online Forex trading aloud in islam? A: According to our research, Forex Trading is not allowed. Forex is basically trading over the internet without physical possession and delivery of currency. Shari'ah has placed certain restrictions on currency trading so that Muslims can be safeguarded from Ribaa or interest. One condition is that at …
Q: There are some misconceptions that it's not good to start a business in Muharram and Safar. Is it true in the light of Islam or do people just say it out of respect of this month? A. This is not respect for Muharram and Safar but pure superstition. Do not believe or follow this superstition.A …
