Islamic economy

QUESTION: Is it true that there is a legitimate, respected difference of opinion on whether forex trading is halal or haram? Majority say it’s haram right? Can one follow the opinion of it being halal, without being blameworthy? This person is a layman.

05 Jun

ANSWER: Such cherry picking can’t be considered part of Islam as this is forming your own new religion! https://islamqa.info/en/answers/106094/ruling-on-dealing-in-currencies-in-the-forex-system-and-paying-fees-for-delaying-the-deal

QUESTION: We gave some money as qarz to someone in foreign currency now many years has been passed and currency rate has changed Are we sinful if we demand the qarz back in same currency in which it was given to them? There was no agreement at that time about currency

Islamic economy

23 May

ANSWER: You must take back the same currency you gave to them. If you gave it to them in rupees, you must take it back in rupee. But if you gave it to them in dollars, you must take them back in dollars.

QUESTION: My friend is having a business.he told me to invest some amount of money to him and for that money i invest he will gave me a fixed profit every month .is this come in riba ….. The business he is doing is 100%halal

Halal/Haram Matters, Islamic economy, Riba

01 Jan

ANSWER: This is totally prohibited and its riba, one of the major sins in Islam. You must be part of both profit and loss. You can get a fixed percentage on the capital you invested and not a fixed amount.

QUESTION: Sheik I have invested in my brother-in-law’s restaurant business, the total capital is 8lakhs and we shared 4lakhs each, he alone runs the business and i am sharing profit and loss with him on daily basis on my share of 15%, if the business shuts down and if there is a loss i will lose 50% of my capital. If inbetween I come out or if he sends me out of the business i will get my capital. Halal?

Islamic economy

30 Dec

ANSWER: If you agreed to 15% share of the profit, this is fine but you will lose your share in the capital equal to his share if there are losses as you both entered with 50/50 However, if the business shuts down, we must look into what remained from the capital and you and him […]