Islamic economy

QUESTION: I have been lending money to my cousin in the Philippines from the U.S. to cover her physiotherapy expenses. I’m wondering whether she will repay me in U.S. dollars or Philippine pesos. What are the legal considerations regarding this situation?

Halal/Haram Matters, Islamic economy

05 Aug

ANSWER: She should repay in the same currency that you gave her and agreed upon. So, if she asked for 100 USD and you sent it to her, she should return it in USD. But if she asked for X amount in pesos, you should get it back in pesos, regardless of the exchange rate […]

QUESTION: My mother bought a property before marriage with her own money which my father forced her to sell and he bought another apartment with that money. Now that apartment is on rent and my father takes the rent money. Since the property is on my mother’s name, is my father legally and islamically allowed to take the rent himself and not give it to my mother?

Fiqh of Marriage, Inheritance, Islamic economy

18 Jan

ANSWER: If it is in your mother’s name and was bought with her money, he has no right in the rent or in anything related to it.

QUESTION: I buy currencies online(not forex). I can put a automatic order to buy Riyals when they reach a certain price. My order may be filled for a slightly better price, since its looking for a seller at that price. So if I set a limit order at 2 euro per Riyal, it may also execute if it finds a seller at 1.99 euro per Riyal, which is better. It will never execute at worse price only better.

Halal/Haram Matters, Islamic economy, Jobs

28 Nov

ANSWER: This is not permissible and it is a form of riba.

QUESTION: If my aunt asks me to buy soap for her, and I buy it and then sell it to her while keeping some profit for myself, is this halal for me to do?

Islamic economy, Jobs

29 Aug

ANSWER: This is not permissible if you’re doing it without her knowledge!

QUESTION: Is freelancing for a company/individual I have limited information about as to whether their activities are halal or haram considered a haram income?

Halal/Haram Matters, Islamic economy

12 Aug

ANSWER: It is not haram income unless their activities are actually haram. Your job is halal as long as your job description is halal and you are not collaborating with them on haram! It is illogical to work for a company or an individual only to learn later on that they deal in haram which […]

QUESTION: I know a person X he told me that he supply blezzer to Y at 600 dollar…..I thought to supply blezzer to Y at 550 dollar am I sinful because person X told me casually about it and I am taking advantage of it.. can I do this?? Am I cheating him

Islamic economy

09 Aug

ANSWER: It is not permissible to sell and cut off your Muslim brother by going to his buyer and telling him that you can sell it cheaper so that he stops dealing with him and buys it from you! No Muslim would behave in such a fashion and betrays his Muslim brother like this!

QUESTION: Is future trading halal??? ..

Islamic economy

28 Jul

ANSWER: In Islam, it is prohibited to sell what you don’t actually possess. You are bidding over a speculation of stocks that you don’t own! This is gambling and prohibited transaction.

QUESTION: Imagine two individuals, X, and Y. Person X lent 1 lakh (100,000) to Y to help start a business. X wants to receive a specific percentage of the profits Y earns from that 1 lakh after a certain period. Will the profit that X receives be halal?

Islamic economy, Loans

16 Jan

ANSWER: If this is a loan, this is clear riba and one of the major 7 sins in Islam. If he is a partner or investor, he should also be liable for loss and ready to lose his money if anything goes wrong in the business. A loan can only be given and taken back […]

QUESTION: If I get treasure in an unknown place and know that it is from nature. If I took those and sell to get money. Is that be halal for me ?

Islamic economy

28 Nov

ANSWER: If you found it in a land that doesn’t belong to anyone and it has the marks of pre-Islamic period, it is yours after giving 20% of it to the poor and needy Muslims. This is called as rikaz.

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.

Halal/Haram Matters, Islamic economy

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

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