It comes under the same rulings as the riba of the Jaahiliyyah which is forbidden in sharee’ah. »
Shares may be divided, according to the field of activity and work involved, into three categories »
Leasing a Car Question Is leasing a car in the US haraam? I don’t know if there is any interest involved or not. Answer Praise be to Allaah. The ruling on a thing is based on the way it is understood, so it is not possible to state whether this purchase is permissible or forbidden without studying the contract and its clauses. There are two common forms of buying and selling by installments ... »
Ruling on Trading in Currencies/Forex Question I would like to know about investment in currency (FOREX Market). Like now a days, its very common that people invest in Euro to earn profits. One broker keeps on calling me to invest USD in Euro. Is trade in currency halal? Answer Praise be to Allaah. Dealing in currencies is permissible so long as the exchange takes place in the same sitting as the ... »
The Dec 2002 fatwa issued by Al Azhar’s Institute of Islamic Jurisprudence is viewed as legitimizing collection of interest in the context of bank deposits. »
Is it permissible for me to work in a commercial bank until it becomes an Islamic bank? »
The Islamic finance industry has developed a wide range of Shari’ah-compliant financial products. To ensure that they meet this specification, they make use of contracts acceptable under traditional Islamic legal doctrine and also adapt conventional financial contracts so that they comply with the tenets of the Shari’ah. »
An Ijara contract is a contract of exchange which is popular due to its similarity to a conventional lease. Ijara contracts are used in Islamic Banking, Project finance as well as in Sukuk. »
Murabaha is a contract of exchange based on sale-and-purchase contracts with a predetermined cost and profit. The seller states the cost he has incurred on the asset to be sold and sells it to another person by adding some profit or mark-up to the buyer. »
