Answered Shaykh Omar Subedār Question: Is Zakāh (mandatory charity) payable on stocks, shares, RRSPs, and RESPs? Answers: Please find the answers to your questions below: Stocks and Shares: If stocks/shares are purchased with the intention of actively trading them, then zakāh will be given on the market value of the shares. If however the stocks/shares…
Answered by Shaykh Yusuf Badat Question: Can you summarize for me the basics of Islamic business and trade rules. Answer: Thank you/ Jazakumullahu Khayran for your question. The following are major conditions for a valid transaction in the light of the Qur’an & Sunnah: The offer and acceptance. The offer and acceptance can be conducted…
Answered by Shaykh Yusuf Badat Question: Is life insurance permitted in Islam? Answer: Jazakumullahu Khayran/ Thank you for your question. Islamically, life insurance is prohibited due to the elements of interest, gambling and future uncertainty. In almost all insurance cases, the insured who pays the premiums either receives no amount or more than the amounts…
Answered by Shaykh Yūsuf Badāt Question: I have two questions regarding the Qurbānī (ritual animal slaughter) during ‘Eīd Al Adha. During the days of ‘Eīd Al Adha, it has been customary in our culture to slaughter on behalf of deceased relatives and also on behalf of the Prophet (peace and blessings upon him). I would…
Answered by Shaykh Yusuf Badat Question: My wife and I both have our own income from jobs. Normally we do one sacrifice on Eid ul Adha that is either goat or sheep with the intention that this is from both of us. Do we need to do separate sacrifices of two goat or sheep, one…
Question I am an adherent to Hanafi fiqh. What is the ruling on Zakah when a couple has a joint account? Is it OK if only the husband pays zakah on the total amount of the joint account? Please be aware that both husband and wife have full access to the account. Answered by Shaykh Yusuf…
Answered by Shaykh Mazhar Mahmood Question: I plan on investing in a clothing line. My partners and I were planning on naming our line of clothing siḥr (magic). Would this be permissible? Answer: We thank you for contacting Mathabah for your query. We ask Allāh Almighty to bless your endeavors and the line of business…
Answered by Shaykh Mazhar Mahmood Question: Is using credit card perks like pc points allowable in Islam? Or is it a form of riba? We don’t pay or accrue interest but we do get points we use for groceries. Same with gas credit cards. I use a petro card to save 2 cents a litre…