e-Marefa DataBank for Islamic Economics and Finance

Question: -.

Subjects: Banks; Debt repayment; Debts; Interest; Islamic jurisprudence

Question: How can the Zakah on projects in progress be calculated ?.

Subjects: Alms tax; Islamic jurisprudence

Question: Can we create an online and mobile platform for the bartering of goods among consumers ? kind of like a classifieds site specifically for bartering items. Users are able to exchange items (and potentially services) they possess for items / ....

Subjects: Barter; Direct usury; Islamic jurisprudence; Local currencies; Wages

Question: What is the Islamic position concerning what is known as circular Murabaha sale within a single fixed ceiling, whereby a client is given authorization to purchase on behalf of the bank and then sell it to himself for an agreed ....

Subjects: Islamic jurisprudence; Profits; Purchasing; Resale on profit; Sales

Question: Is it permissible for the Islamic bank and its client to agree on settlement of debt of Murabaha sale in another currency at the rate current on the day of settlement ?.

Subjects: Debts; Islamic Banks; Islamic jurisprudence; Resale on profit

Question: A year ago, I passed the Nisab and I took note of the date and Nisab amount. Before my Zakah due date, I fell below that recorded Nisab, but by then the current Nisab had also fallen below what I ....

Subjects: Alms tax

Question: I have some questions regarding employment. I work in the nonprofit sector so for charities and community organizations. My first question is when applying to these jobs sometimes they state the funding has been granted from such and such organization. ....

Subjects: Charities; Islamic jurisprudence; Labour; Wages

Question: We have annual contracts signed in advance with our customers to provide service support for the year. Invoice is sent out each month. Is Zakat liable on the months in advance, even though invoices have not been sent and service not provided yet ?.

Subjects: Alms tax; Islamic jurisprudence

Question: My father has received a refund for mis-sold PPI on a credit card for period from 2000-2012. They have also refunded interest he paid, as well as 8 % interest on top as statutory compensation.Is the refund of the interest ....

Subjects: Debts; Islamic jurisprudence; Price indexes; Usury

Question: A corporate entity, which is a customer of an Islamic bank, had deposited an amount in a term deposit account for a period of three years on the basis of Mudarabah. However, upon completion of one year it has decided ....

Question: An Islamic bank has a standard auto finance product for its customers. The product is based on the Murabahah structure under which the Islamic bank purchases the vehicle from the dealer and sells it to the customer on its cost ....

Question: An Islamic bank has approved a Mudarabah facility for a customer whereby the customer will receive Mudarabah capital from the bank for investment in Shariah compliant business activities and the realized profit shall be distributed between the Islamic bank and ....

Question: I work as a breast cancer surgeon. I reconstruct the breast after it has been removed for cancer. The reconstruction is done by utilising patients own tissue and and silicone implants. Research has shown that patients who lose their breasts ....

Subjects: Islamic jurisprudence; Plastic surgery

Question: A customer of an Islamic bank is a company engaged in import and supply of food and grocery items to the big outlets / supermarkets all over the country. The standard Murabahah financing structure to finance the procurement of the ....

Question: Can we buy cars from “Interest Free 4 Cars” company ?http://www.interestfree4cars.com/islamic-car-finance-at-interestfree4cars/.

Subjects: Automobiles; Financing; Islamic jurisprudence; Sales

Question: An Islamic bank has raised the following query.A financing facility has been approved for a customer, whereby it was allowed to utilize the facility through multiple Murabahah transactions under the facility limit during the facility period.Under each Murabahah transaction, the ....

Question: A mother has 3 children. Among her children one was financially well off, another was getting onto the ladder of success while one was struggling to cope. She fell quite ill and gave a gift to the 3rd saying that ....

Subjects: Endowments; Islamic jurisprudence

Question: Is it permissible to do an accountant’s letter for a client if it helps with his mortgage application ? Please answer for both conventional and ‘Islamic’ mortgages..

Subjects: Auditing; Islamic jurisprudence; Subprime mortgage

Question: I am a silent partner in a restaurant that serves alcohol. What course of action should I take with my share ? my partners are unlikely to sell. If I have to sell, who do I sell to ?.

Subjects: Alcoholic beverages; Islamic jurisprudence; Partnerships

Question: An Islamic bank has raised the following query.Sometimes the Islamic bank receives requests from some of its customers to include in Murabahah financing some components other than the cost of the goods, such as shipping charges, import duty, inspection charges, ....

Question: Shariah guidance is sought if the Islamic bank is allowed to charge a fee in case of issuance of a letter of credit (LC), whether the goods under the LC are to be financed by the Islamic bank or the customer shall pay cash for them..

Question: As part of banking services, an Islamic bank offers issuance of various types of letters of guarantee against a fee. Such letters of guarantee are issued based on a request from the bank’s customer.The letter of guarantee has a validity ....

Question: I am a law student and after my studies I want to practice law in UK want to practice civil law, land law and in necessity criminal law. what is the ruling on it ?.

Subjects: Islamic jurisprudence; Law profession; Lawyers; United Kingdom

Question: -.

Subjects: Gold; Investments; Islamic jurisprudence; Mutual funds; Silver

Question: An Islamic bank has in its array of retail products, auto financing for its individual customers.The product is based on the Murabahah structure whereby the bank, based on the ‘promise to purchase’ from its customer, purchases the vehicle from the ....

Question: An Islamic bank has planned to launch a draw scheme for all of its current customers availing financing facilities from the bank. The subject matter of the draw will be 24-carat gold coins of a certain weight. The bank will ....

Question: -.

Subjects: Islamic jurisprudence; Labour

Question: -.

Subjects: al-Halal and al-Haram

Question: The following query has been raised in order to get Shariah guidance.An Islamic bank’s management has approved a financing facility to its customer (a trading company) subject to the company providing acceptable security. The purpose of the facility is to ....

Question: The following query has been raised in order to get shariah guidance.Can an Islamic bank obtain cash deposit as security for a customer’s financial obligation towards the bank under various financing facilities extended by the bank to the customer ?.

Question: A landlord, are currently renting out a property which is currently on an unlawful mortgage-is the income / profit made from this property therefore unlawful too ?.

Subjects: Profits; Real property; ٌLeasing

Question: An Islamic bank has launched a product based on Salam in order to provide cash finance for its retail and corporate customers.As per the product structure, the customer will sell to the Islamic bank a certain quantity of a described ....

Question: An Islamic bank has launched a product based on Salam in order to provide cash finance for its retail and corporate customers.As per the product structure, the customer will sell to the Islamic bank a certain quantity of a described ....

Question: Islamic bank a and Islamic bank b had extended a club financing facility to an airline (the customer). The financing was under the Murabahah structure, as the banks had purchased an aircraft from the manufacturer company and sold it to ....

Question: My husband’s family live abroad, they are not well off at all and his mother needs cancer medicine. I think his father would have savings above the Nisab (and not be eligible for Zakat) but his mother on her own ....

Subjects: Alms tax; Alms tax bestowments; Islamic jurisprudence

Question: http://alqalam.org.uk/fatawa/is-it-permissible-to-take-out-a-service-contract-for-the-home-boiler/It states warranties are not permissible. What if the warranty is purchased at point of purchase eg laptop £ 300 + £ 50 warrantly (parts and labour). Or Gas boiler £ 1000 +£ 100 7yr warranty parts n labour. ....

Subjects: Contracts; Hedge (Finance); Islamic jurisprudence; Purchasing

Question: A customer of an Islamic bank is a main contractor of a big development project. It has decided to hire a subcontractor for land leveling and grading.Since the payments under the agreement with the subcontractor were proposed to be made ....

Question: I have received an offer for a paid internship at Barclays, in the compliance department. I will have a graduate level role, making sure that the bank stays within financial regulation set by the UK’s financial regulators. This will include ....

Subjects: Banks; Islamic jurisprudence

Question: A customer has approached an Islamic bank for financing of renovation of its chain of outlets. The scope of work includes renovation of interiors, fit out, furniture and lighting, etc.Shariah guidance has been sought in order to find a suitable Shariah compliant structure to finance the renovation..

Question: In order to finance purchase of goods under letters of credit (LC), an Islamic bank adopts a Murabahah structure with the following modus operandi :The customer submits the LC request along with a promise to purchase from the bank through ....

Question: The following query has been raised in relation to the Murabahah financing of usance letters of credit (usance LCs).It is easier to conclude the Murabahah contract if the currency of the lc and Murabahah are the same, such as usance ....

Question: How do I pay it on wealth past gone ; which I don’t know how much the total I accumulated was and how long I had it for. I always spent the money as soon as I got it, it ....

Subjects: Alms tax; Islamic jurisprudence

Question: I want to give my Zakat to relatives back in Somalia. They are calling and asking for help, telling us how hard pressed they are. I have asked my immediate family if they know whether these relatives qualify to receive ....

Subjects: Alms tax; Islamic jurisprudence

Question: I have about £ 1000 worth of shares in a bank. I now understand its impermissible to hold such shares, so I was going to sell them and give the money to charity with no expectation of reward. However I’ve ....

Subjects: Donations; Islamic jurisprudence; Tax exemptions

Question: Is earning any money from the London stock exchange Halal i.e. they are not a bank where majority of the income is from Riba but an exchange and make most of their money on fixed commissions on trades and other ....

Subjects: Financial markets; Islamic jurisprudence; London Stock Exchange

Question: I work in a post office and selling lottery is part of the contract. Is it permissible to sell lottery tickets ? if it is not permissible then what do I do with the remuneration received ?.

Subjects: Islamic jurisprudence; Lotteries

Question: One of my sister-inlaws family member has recently started working in a restaurant as a chef or waiter where alcohol is also served. Would his income Halal and is my sister in-law ok to go over and stay with them and eat with them ?.

Subjects: Islamic jurisprudence; Labour; Restaurants

Question: I have taken a loan from my sister and then I have lent the money to a 3rd party on the condition that, they will repay back the loan to my sister directly. Am I still responsible for the ....

Subjects: Debt repayment; Debtor and creditor; Islamic jurisprudence; Loans

Question: I recently applied for a florist assistant role within a busy corporate florist and plant company in London. They distribute flowers in vases to offices, restaurants, bars and pubs etc. The clients would then put these vases, filled with flowers ....

Subjects: Income; Islamic jurisprudence; Labour

Question: A service agreement is to be signed between an Islamic bank and a service provider company.The service to be rendered is the collection and deposit of cash on a daily basis from and to different branch locations, as per the ....