Islamic economy

If someone gives my his shirt to sell either as an individual or in my business.is it permisible. And another thing is that if he gives me a specific amount to sell it and for me as am selling i add some amount, i give him his amount he said i should sell it,is this riba. And after selling him not knowing he gives me some appreciation fee should i take it.

22 Dec

ANSWER: If you are acting as his agent, you must first agree with him to the commission he is going to give you. You can’t sell it and make a profit out of it without his knowledge as this would be betraying his trust. If you want to make a profit, you must tell him […]

My friend needs money to purchase goods that he will sell to another company.He is requesting me and others to give him money as an investor. From his profit,he will take specific percentage (as the project was his hardwork) & remaining percentage he will give to investors based on amount invested. If he doesn’t get profit, we will not get any profit. Is this transaction Halal?

Halal/Haram Matters, Islamic economy

17 Nov

ANSWER: This is permissible providing that those investing money know that if the investment has total loss in money, they will lose their money and can’t ask him to return it.

In my country there is a store where you can buy things using your bankcard, where they take Money from your bankaccount via your card when you buy things. Now, when you buy using the card you can also ask for cash from your bankaccount via the store, so you for example buy for 10 dollars via the card, and ask for 15 dollars in cash, is this kind of a loan? is this permissble?

Halal/Haram Matters, Islamic economy

22 Sep

ANSWER: If the store deducts from your bank account 25 $, this is permissible as it is like using ATM card for withdrawing money from your account.

I live in USA. We have some muslim brothers doing real estate business. They buy land or old houses and then built new homes and sell them . They have some investment options where if i give them some money they will give me a profit ranging from 25-27% but not fix after 1 year. My question is , is this sharia compliant way to invest my money?

Islamic economy

22 May

ANSWER: You need first to know what is the percentage of your investment from the whole capital so that when you want out, you can estimate the actual value of the establishment and estimate your own capital accordingly. There must be no guarantee that your capital investment is guaranteed back. Your profit must be a […]

Sheikh Assim Alhakeem

Islamic economy, Prayer, Q&A/Fatwas, Sciences of the Quran, Uncategorized, Videos

28 Mar

Sheikh Assim Alhakeem graduated from the prestigious Umm al-Qura University in Makkah, Saudi Arabia in 1998. At present Shaikh Assim is an Imam of a masjid in Jeddah, a role which he has held for the past 32 years, where the sheikh delivers the weekly Friday sermons and lectures on various Islamic Sciences. Sheikh Assim […]

Sheikh, I know working for banks and insurance companies are not allowed because their revenue is interest based. Is working at a financial company which mainly transfers money and charges the customer a fee or sell money orders allowed??

Islamic economy, Jobs

23 Mar

ANSWER: We must study the transactions of such a company in order to figure out whether it is dealing in halal or in haram. Money exchange issues have a lot of haram transactions that must be avoided.

I am investing money every month to a company for 10 years and they will give me variable profit every month. I can take out my money any time but I might not get my full capital and profit unless I complete 10 years. They are buying and selling building construction equipments. They clearly said that they are not dealing with alcohol, tobacco and interest. is this halal?

Islamic economy

16 Mar

ANSWER: You must be cautious as this sounds like a ponzi company and all your money would be lost. One must not believe whatever people say to him! His money invested must constitute a percentage of the existing company and if its capital. Without knowing this, there would be ambiguity.

I invested in a mining company.the company have daily fixed profits percentage,but with the condition that at any time the company has the right to Change the commissions,so please is this kind of business agreement halal in islam.can I invest in the company?

Halal/Haram Matters, Islamic economy

16 Feb

ANSWER: Halal investments must have few conditions in order to be legit. It must be based on loss/profit basis. This means that it can lose part of the capital or all of it as in the case of a fire or drowning of the ship etc. The profit must be a percentage and not a fixed amount of money. This means that it is variable and […]