Is there Zakaat on long term

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  Question   Is there Zakaat on long term investments : 1.Shares on stock market – not for trading but for long term growth 2.Unit Trusts – not for trading but for long term growth ( eg. Oasis or Albaraka unit trusts taken out for kids ) 3.RA – long term investment 4.Monthly investment of a fixed amount for long term growth eg. R500 per month in an investment builder Please advise on above, as I recently heard that Zakaat is … [Read more...]

he wants to let out

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Date: Friday , June 29, 2012       Question Kindly reply what do the Fuqaha has to say regarding the following. A person owns a furniture factory. He employs +/- fifty workers. In other to cover up expenses, he wants to let out one portion of the premises to a tenant who wants to operate a bank branch. Is it permissible for him to let out part of the premises to a bank and use the rental money only for the … [Read more...]

Is it permissible to have an ATM

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Date: Monday, June 11, 2012   Question   Is it permissible to have an ATM or a Bank on ones premises?   Answer   Muhtaram / Muhtaramah   In the Name of Allāh, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh. There are two issues to this query a)Bank as a tenant b)ATM on ones premises According to Shariah, it is not permissible to have a … [Read more...]

1A has 100 shares of XYZ stock with today?

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Date: Friday, June 01, 2012   Question 1A has 100 shares of XYZ stock with today?s (8/30/02) market price of $100 per share. A makes a transferable contract (CALL) with B to sell XYZ stock for a set (STRIKE) price, say $100 per share, until (EXPIRY) 10/30/02 for which B pays A a non-refundable premium of $4.00 per share. B has the option to buy anytime until EXPIRY or not to buy and just lose $400. On 9/30/02, the stock … [Read more...]

Please advise if interest money

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Date: Wednesday, May 30, 2012   Question   Please advise if interest money could be used to build a house for a poor muslim or what else could interest money be used for.   Answer   Muhtaram / Muhtaramah   In the Name of Allāh, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh. The actual ruling of interest and all haram money is that it should be returned … [Read more...]

What should I do with the products if they are haram for me?

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Date: Thursday , March 8, 2012     Question        My husband works in a company(Company A) as a Store Supervisor which sells magazines and many other things. But he does the job of the manager as the manager supervises another store and doesnot overlook the running of this one. Sometimes the magazines haves gifts in them for the buyer (customers of … [Read more...]