An Islamic bank has a charity fund which is comprised of Zakat (obligatory charity) from the bank’s shareholders (at 2.5 % per year), expunged income (income earned by the bank in certain transactions
Fatawa Question
An Islamic bank has a charity fund which is comprised of Zakat (obligatory charity) from the bank’s shareholders (at 2.5 % per year), expunged income (income earned by the bank in certain transactions which were declared non-Shariah compliant by the bank’s Shariah Board) and delay penalties imposed on defaulters of Murabahah and other financing by the bank but are donated to charity as per bank’s rule. Shariah guidance is sought as to whether it is allowed for the Islamic bank to use the charity fund to settle bank liabilities of the indebted persons who are not in a position to do so on their own, including the bank’s own customers. The liabilities are unpaid conventional and Islamic bank debts.
Fatwa
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Publisher
Publication Date
2013-06-19
Country of Publication
Malaysia
Main Subjects
Economics & Business Administration (Multidisciplinary)
Islamic Studies
Data Type
Fatawa
Language
English
Record ID
BIM-784616
American Psychological Association (APA)
Hassan, Husayn Hamid. 2013-06-19. An Islamic bank has a charity fund which is comprised of Zakat (obligatory charity) from the bank’s shareholders (at 2.5 % per year), expunged income (income earned by the bank in certain transactions. . Islamic Finance News Kuala Lumpur Malaysia :.
https://search.emarefa.net/detail/BIM-784616
Modern Language Association (MLA)
Hassan, Husayn Hamid. An Islamic bank has a charity fund which is comprised of Zakat (obligatory charity) from the bank’s shareholders (at 2.5 % per year), expunged income (income earned by the bank in certain transactions. Islamic Finance News Kuala Lumpur Malaysia :. 2013-06-19.
https://search.emarefa.net/detail/BIM-784616
American Medical Association (AMA)
Hassan, Husayn Hamid. 2013-06-19. An Islamic bank has a charity fund which is comprised of Zakat (obligatory charity) from the bank’s shareholders (at 2.5 % per year), expunged income (income earned by the bank in certain transactions. Islamic Finance News Kuala Lumpur Malaysia :.
https://search.emarefa.net/detail/BIM-784616