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Government

This answer was collected from Daruliftaazambia.com, which serves as a gateway to Darul Iftaa Mahmudiyyah – Lusaka, Zambia.

Guidelines for fees during Covid-19

Answered by DaruliftaaZambia.com

Question Asslaaamu Alaykum Wa Rahmatullahi Wa Barakaatuh Kindly guide us on the payment of fees in the following circumstances: Due to the virus, the government had ordered schools to close 3 weeks before the term ended. All the schools and Madrasahs failed to complete the term normally. It has now been 6 weeks. During this… read more »

Is the Bounce Back Loan Scheme (BBLS) Shariah Compliant?

Answered by Darulfiqh.com

Question: Is the Bounce Back Loan Scheme (BBLS) Shariah Compliant? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. Answer: The Bounce Back Loan Schemes are not Shariah compliant. A person seeking financing should seek alternative financing through Shariah compliant financing, non-interest products or lastly, seek financing with an… read more »

Shariah Interpretations of Bitcoin

Answered by Darulfiqh.com

  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 received feedback from several colleagues from the Islamic finance industry, fellow Shariah… read more »

Is The Lifetime ISA Shariah Compliant?

Answered by Darulfiqh.com

Question: Is The Lifetime ISA Shariah Compliant?  In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. Answer: As long as the Lifetime ISA account[1] does not accrue interest or is invested in Shariah compliant shares, the ISA will be compliant.  If the ISA accrues interest or is invested in… read more »

Are ISAs Shariah compliant?

Answered by Darulfiqh.com

Question: Are ISAs Shariah compliant? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. Answer: Individual Savings Account (ISA) were introduced in 1999 by the British Government.  ISA’s are a tax-efficient wrapper for savings and investments.  There are two types of ISA: 1)    Cash ISAs 2)    Stocks and shares… read more »

Is there Zakat on a tenancy deposit?

Answered by Darulfiqh.com

Question: Is there Zakat on a tenancy deposit? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. Answer: Deposits on assured shorthold tenancies (AST’s) must be protected with a government approved scheme. Under the Housing Act 2004 the landlord or agent must protect the deposit and issue prescribed information… read more »

What is the Islamic perspective on Premium Bonds?

Answered by Darulfiqh.com

Question: What is the Islamic perspective on Premium Bonds? Answer: In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. In the UK, a premium bond is defined as a nonmarketable government security issued by National Savings & Investments at £1 each.  Periodical interest is not paid; instead the investment is entered… read more »

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