Find authentic Islamic Answers from over 69,000 questions. You can narrow down your search from Hanafi, Shafi'i, Maliki, and Hanbali schools of law. This answer was collected from the official website of Darul Uloom Deoband Waqf. The institution is based in India and the answers are provided in accordance to the Hanafi Fiqh.
Is Bitcoin Halal or Haram, as it is completely computerized money. It has no physical existence and is not issued or controlled by any bank or government. Answer: Ref. No. 40/1177 In the name of Allah the most Gracious the most Merciful The answer to your question is as follows: When the bitcoin is not… read more »
Q. There are many Hajj and Umrah operators who adjust the rates of their packages based on currency fluctuations before full payment is made. Is this correct? A. In principle, if a seller and purchaser conclude a sale with a valid offer and acceptance, the price agreed upon between them will be due in the… read more »
QUESTION: As Salaamu Alaikum, Is it permissible to do online Forex trading? Also is it permissible to do it using the site IM Academy? جزاكم الله خيرا ANSWER: Wa Alaikum As Salaam, Trading in currencies (foreign exchange) is permissible in Islam with the following:- The Transaction between the two parties must be done immediately without… read more »
QUESTION: As Salaamu Alaikum, If someone gave me $100 US and someone else offered me $750tt for it can I sell it at that price? ANSWER: Wa Alaikum As Salaam, If you are doing money exchange, then it will be permissible for you to sell $100 US for $750. TT when that is the market… read more »
QUESTION: As Salaamu Alaikum, Since the USD is in shortage from the banks as to who they are willing to give, as being in business where I need 100% foreign exchange to conduct my business. I have continuously asked the bank for USD but I get very little. The black market sell the same USD… read more »
As Salaamu Alaikum Question: What is the Islamic view on forex and bitcoin trading and any form of online trading. Wa Alaikum As Salaam, Answer: It is not permissible to do forex trading or bitcoin trading online. Both of these fall under the laws of ‘money exchange’ and ‘currency exchange’ in Islam, and cannot be… read more »
QUESTION: Assalamu Alaikum, Mufti, My question today is based on if Forex Trading is Permissible in Islam? I have been doing some research for myself but i need advice from you. From certain articles online it is said that the prophet pbuh said it was permissible to trade currencies once it is done immediately and… read more »
UNDERSTANDING THE CALCULATION OF THE NISAAB OF ZAKAAH By Mufti Waseem Khan. The term nisaab refers to the maximum amount of wealth (in savings) a person should possess in order for him to give the compulsory charity, known as Zakaah. It should be understood that during the time of the Prophet (S.A.S) the use of… read more »
Nisab for Zakah By Mufti Waseem Khan The term ‘Zakaah’ in Islam comes from the Arabic word ‘zakaa’ which literally means to purify, to increase, to grow and to be good. In Islamic terminology, it refers to that portion of ones’ wealth which is given as an act of worship to a particular person or… read more »
Question: 1.What is the Shariah ruling with respect to a loaner, who has loaned a certain amount of money, would he have to pay zakat on the total sum that is loaned or only on the amount that he receives from the debtor annually? What is the Nisaab for Zakaah (pres. currency) Nisaab of gold… read more »