Wakaalah (Agency or Power of Attorney)

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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...]

Kafaalah (Surety)

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1) Literal Definition Kafaalah is an Arabic word from the scale of Nasara, Yansuru. It means to join. Allah Ta'ala has 99 qualities. One is al-Kafeel as he joins (assists) in the affairs of every creation. Shar'ee Definition 'To attach a responsibility to another in a claim.' (Hidaaya) Kafaalat is permissible. This is proven from two prime sources of … [Read more...]

Don’t get Burned – Financial Prohibitions in Islam

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FINANCIAL PROHIBITIONS IN ISLAM Stocks, bonds, T-bills, money market accounts, certificates of deposits, variable-interest checking and saving accounts, as well as a plethora of other financial jargons that have now become a reality in the life of many among us, have made earning and saving our money much more complicated than it used to be. With this ever-increasing … [Read more...]

Contracts in Trading

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It is the most important and the most common of all the contracts, because it is needed and used by most people, therefore it is important to give special attention to the rules of Shari’ah concerning it. Definition of the Trade Contract The Hanafi definition: It is the exchange of a specific wealth with another wealth The Shaafi’ee definition: It is the exchange of a wealth with … [Read more...]

Importance of Earning Halaal Income

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[ extract from 'The Book of Wealth' by Ml. Moosa Olgar ] … [Read more...]

Rules of Guarantee

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Dhaman is one of the forms for legal consolidation of debts. The root of the word means "among or to include in." This is because the liability of the guarantor becomes included in what is guaranteed or includes the guaranteed right. It has also been said that it meant to join or to add, because the liability of the guaranteed is joined or added to the liability of the guarantor. Dhaman in Islamic law means "to meet someone else's … [Read more...]