currency Archives - Page 20 of 30 - IslamQA

This answer was indexed from Qibla.com, which used to have a repository of Islamic Q&A answered by various scholars. The website is no longer in existence. It has now been transformed into a learning portal with paid Islamic course offering under the brand of Kiflayn.

Foreign Exchange Trading

Answered by Qibla.com

Answered by Shaykh Muhammad ibn Adam al-Kawthari I would be highly obliged if you please guide me about the foreign exchange trading (hedging, futures, options) and its legitimacy in Islam. Many of my friends are indulged in this business and they argue that it is halal from the shariah point of view but I am… read more »

Zakat on Merchandise, and Calculating Zakat

Answered by Qibla.com

Answered by Sidi Salman Younas We learned that any merchandise which you purchase with the intention of trade, zakat is due on it as on your savings, if they amount to that quantity of gold / silver which makes zakat obligatory. Now lets say you are in debt $10,000 (for example), and you own merchandise… read more »

Currency Service

Answered by Qibla.com

Answered by Shaykh Faraz Rabbani Salam!!!!if a person is operating a currency exchange in the sense it does not deal with foreign currency but people coming in to make money orders, pay gas and electric bills or simply coming in to ask for quaters. Is the fee charged unlawful, for instance a customer comes in… read more »

Using forward exchange contracts as a hedging tool

Answered by Qibla.com

Answered by Shaykh Muhammad ibn Adam al-Kawthari My company has massive purchases and billings in foreign currency. We use forward foreign exchange contracts as a hedging tool i.e we agree on future exchange rates at specific dates with the bank whereby we have the obligation (not the option)to use the rate at the excercise date…. read more »

Currency Conversion in Credit Card Purchases

Answered by Qibla.com

Answered by Shaykh Faraz Rabbani In credit card purchases between differrent currencies (i.e. when the credit card is based on a different currency than the purchased item), the currency conversion is done by the bank/credit card company without the card user’s knowledge of the rate. For example, a Euro-based credit-card user purchases a $ X… read more »

Exchanging gold jewelery

Answered by Qibla.com

Answered by Sidi Salman Younas In Pakistan it is common for women to exchange their old gold jewelery for new designs. In this transaction the old jewelery has more gold content than the new one, the newer one being more expensive because it includes the cost of the designing. So, for instance, the woman will… read more »

Questions on Riba, Non-Muslim lands, & Imam Abu Hanifa

Answered by Qibla.com

Answered by Shaykh Faraz Rabbani These are comments on a a strange Islamic group’s website’s legal blunderings… Answer: There have been several important answers about riba on the Hanafi list. They may be found by searching for “riba” using the search engine at http://www.SunniPath.com Walaikum assalam, > “According to some scholars, Abu Hanifah allowed the… read more »

Borrowing Money Across Borders

Answered by Qibla.com

Answered by Shaykh Faraz Rabbani In 1960, I had borrowed R 40.00 from someone and subsequently forgot about it. How much do I repay now, R 40.00 or the present face-value? Answer: Walaikum assalam, One will have to repay R 40.00. Anything more will be interest, which is prohibited In response to this answer- I… read more »

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