IslamQA

currency

LOAN REPAYMENT

Assalamu Alaikum Mufti sab I want an Islamic guidance or ruling on my matter: I had borrowed money from my brother in law to buy a house equivalent to US$65,000 We agreed that I cud make my repayments flexibly to me The amount borrowed by me was in Local Malawian...

Zakat ul-fitr in cash

Aa salamu alaykum i have a question separate in two part. 1. Is it correct to claim these narration for paying the zakat al fitr in cash according to the hanafi madhaab and those who follow them in this masala: The jurist Abu Ja’far (RA) who has an opposing opinion,...

Currency Exchange

Question Asslamulaikum if we buy dollar and fix the rate and pay kwacha after 7 hours is permissible? Answer In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. In principle, if two different currencies are...

Giving Kaffarah in cash

Question Assalamualikum Warahmatullah. Can kaffarah be given to sixty people in cash equivalent to 2 meals? Answer In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. You refer to the Kaffarah of feeding sixty...

Is this extra money interest?

Question A relative in the uk asks me to to perform a sadka of slaughtering a goat on her behalf,I perform it and it’s costs me K200. The relative pays me a standard amount of £20 or $25. It’s always been such that the exchange rate value of the foreign currency paid...

Shariah Interpretations of Bitcoin

  This is an overview and my personal conclusion to an ongoing research in respect to Bitcoin. References and detailed analysis can be viewed in my previous papers. After researching the issue of Bitcoin initially and releasing papers on the topic, I have...

Is there a Zakat levy on one’s Bitcoin holdings?

Question: Is there a Zakat levy on one’s Bitcoin holdings? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. Answer: According to our understanding, Bitcoins are Zakatable. One may pay 2.5% of his Bitcoin...

Is Retail Forex Trading Shariah Compliant?

Question: Is Retail Forex Trading Shariah Compliant? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. Answer: Retail conventional Forex trading, where individuals are merely speculating on currency pairs, is...