Question:Is there Zakat for money given in an investment? Answer: If a person invested funds in a trading business or goods of merchandise then Zakaat is payable at the market value of the goods on one’s Zakaat due-date. However, if one has invested in a building, or...
investment
Pension Scheme
Question:I work for the local council, and have been enrolled onto the Local Government Pension Scheme. I have tried to find out how the fund is invested, to find if none shariah compliant transactions are involved. Although it is not clear, given how most...
Bitcoin, Ethereum And Other Cryptocurrencies
Question:What is the ruling on forex and cryptocurrencies such as Bitcoin, ethereum etc. Answer: Our Darul Ifta is currently busy with the research in regards to Bitcoin and other similar cryptocurrencies. We will only be able to issue an official Fatwa once our...
Income From The Sale Of Cigarettes
Question:My aunts husband owns a cigarette factory along with other businesses.. Initially he had other businesses (supermarket& appliances) then he started the cigarette factory, those businesses don’t belong to him any longer however he now has other businesses...
Silent Partners
Question:Zaid and Ismail are partners. Ismail is silent partner who helps when need meZaid runs business, by himself Ismail has no idea on day to day running.Can Zaid take a salary? Answer: According to some Ulema it is permissible for Zaid to take a salary as it has...
Mudaarib Adding Funds To A Mudarabah Transaction
Question:I gave a Mudaarib R3000 to invest in clothing. The business continued for some time in this way, that the profits were always removed and kept aside. The Mudaarib, then always kept the R3000, bought more, sold etc… After a few months, according to our prior...
ETF and Option Trading
Question:Is it permissible to invest in ETF?Is it permissible to do option trading? Answer: ETF (exchange-traded fund) is a type of investment fund and exchange-traded product, i.e., they are traded on stock exchanges. An option is a contract giving the buyer the...
Funds Donated For Hajj
Question:A person had the niyyat to pay for someone’s Haj.Early last year the arrangements were made and bookings were made and the funds given to the donee who in turn paid the travel agent,Haj did not take place. The funds were returned to the donee and not the...
Islamic Banking And Share Trading
Question:I am not too convinced with the present day islamic finance which is applied in the conventional banks as well as those with Muslim names.Similar is the issue with stock markets. One point that i have totally failed to understand is the concept of...
Savings Pocket Account
Question:The previous committee of a Masjid had opened an Islamic account which comes together with a savings pocket. If money is kept in this pocket, investment profits are earned.Is the usage of such profits permissible?If not, what should be done with the...