Issues of trade and finance The Prophet, sallallaahu alayhe wasallam, prohibited some forms of sales that people were known to use during his time. The wisdom behind this prohibition of some sales is to facilitate ease for people and not to increase prices for them. Also, it is designed to stop sales that might include risk or … [Read more...]
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Issues of Trade and Finance The word Qardh in Arabic literally means "cutting off”. When the moneylender lends to someone, he actually cuts off some of his money and gives it to the borrower. In Islamic law, Qardh means to give money to someone that may benefit from it and pay back the same. Qardh is a form of kindness. The Prophet, sallallaahu … [Read more...]
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Ways and means of income, earning one's livelihood and spending such income should conform with the Shari'ah. Hadhrat Ibn Mas'ood (Radhlyallaho anho) narrates that Rasulullah (Sallallaho alaihe wasallam) said: "On the Day of Qiyaamah no one will be able to move (on the occasion of Hisaab Reckoning) until a reckoning of five things has not been taken..." … [Read more...]
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BUSINESS ISSUES Advice Before approaching anything, there are three fundamental points; a) Definition, b) Subject matter, and, c) Aims and Objectives We shall discuss the literal definitions / subject matters of different subjects (Wakaalah / Kafaalah / Hawaalah / Ijaarah and Accidents) but in order to invoke the mercy of Allah … [Read more...]
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1) Definition a) Literal Definition Ijaarah is derived from the root word 'Ujrah' which means to reward. b) Shar'ee Definition Ijaarah is a transaction on benefits in exchange of something' (Qudoori) 2) Sources a. Qur'aan "And said one of them (the two women), 'O my father! Hire him! Verily the best of men for you to hire is the … [Read more...]
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1) Literal Definition Wakaalah is an Arabic word from the scale of 'Tafeel'. It means to take care of, to look after. Allah Ta'ala has 99 qualities. One is al-Wakeel as He takes care of every affair of every creature till death. Shar'ee Definition 'To appoint another person in one's position in a permissible and known transaction.' (Raddul Mukhtar vol.5 … [Read more...]