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Session Details
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| Guest Name |
Dr. Monzer Kahf
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| Profession |
Scholar in Islamic Economics & Financial Expert
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| Subject |
On Financial Issues
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| Date |
Tuesday,Oct 13 ,2009
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Time |
Makkah
From...
14:00...To...
15:30
GMT
From... 11:00...To...12:30
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Host
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| Answer |
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
Brothers and sisters, the session has already started. You can submit your questions. Please, make your questions short and clear so as to help us answer all your questions.
Yours,
Islam Online Fatwa Editing Desk.
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| Name |
Shahnawaz Ahmad
- India
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| Profession |
Employee
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| Question |
Is it permissible in Islamic Shari`ah to acquire rights through bribery if it is not possible through fair means?
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| Answer |
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
This is an extremely difficult territory to walk through. The principle is that giving and taking bribes are not permissible.
Now there are real life situations in which one is unjustly prevented from getting one own right by act pf oppression or by corrupted authorities. in this case it may become permissible to pay a bribe provided that (1) there is no infringement on rights of any other person, (2) there is no establishment of bribery habits so that corruption may increase, (3) there is no other way of getting one's just undisputed right, (4) there is no morally demeaning situation one is putting oneself in (5) there are no other negative effects on giving the bribe morally or Shari'ah wise.
Allah Almighty knows best.
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| Name |
khalid
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| Question |
Assalamu alaikum, I live in UAE as a Job holder. In UAE there are many attractive savings Schemes, among them is Mashreq Millionaire. After a lot of thinking and reading fatwa, it is understood that it's saving certificates not halal. I mean this winning prize completely haram. My enquiry is about national bonds of UAE. Please, confirm me is it halal or haram? This is because most of the young generation deposit money with this scheme and here also include weekly draw of 1 milloin, but the bonds also declared that it is Mudaraba based. But still now we are in confusion. Please clarify it to us so that the young boys/girls can be conscious about this.
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| Answer |
Wa`alaykum As-Salaamu Warahmatullahi Wabarakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
I need all its details as in the document text of the scheme, in order to be able to give an opinion. This is not sufficient.
Allah Almighty knows best.
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| Name |
Omar
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| Question |
Assalamu alaikom. I'm a freelance graphic designer, I earn money through making graphics for people, but I don't use authorized software (with license), as cracked software is very expensive and I don't live in a rich country. So, these software are my tools to produce and therefore to earn money. The question is: Is the money that I earn haram? Besides, the western countries exploit and steal our resources, because the software is from United States. I don't see it fair to give them more money for a technology that must be available for everybody, at least for a reasonable price. Thanks.
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| Answer |
Wa`alaykum As-Salaamu Warahmatullahi Wabarakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
They really have stolen many of our resources but that does not allow us to steal from them. You cannot deal with matters in this way, otherwise, you will be like them (in their political decision making not personal individual morality). They are not our role models, are they?
If the price is really a monopolized price and you are not the one who makes the unauthorized copies for sale, using it may not be prohibited although I have reservation on this as you use it to make money. Using it for personal objectives only is not a problem.
Allah Almighty knows best.
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| Name |
Harun
- United Kingdom
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| Profession |
Muslim
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| Question |
Assalamu alaikum brother,
My question is regarding online Forex Trading. I have read all the previous questions and answers about Forex Trading on islamonline.net, from all the answers I have understood that online Forex Trading is allowed as long as it is traded on the spot and there is no interest and margin/leverage involved. Is my understanding correct?
I know Forex margin/leveraging is haram, but I have found a broker that provides halal margin/leveraging for their Muslim clients. This is how it works, when you make a profit you give the broker a fixed ratio of the profits that you have agreed upon and when you lose on a trade both you and the broker share the losses. Is these kind of margin/leveraging halal? This is the brokers website: http://www.tadawulfx.com/v2/home/home-page.html
Many All Bless Us All. AMEEN.
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| Answer |
Wa`alaykum As-Salaamu Warahmatullahi Wabarakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
1) I don't answer in reference to website so I reduce my answer to only your statement in the question.
Your understanding on internet currency trading is incorrect. I argue that internet currency trading is not permissible for two reasons:
1) Contracts are always made in pairs. This way there cannot be possession by nature of transaction.
2) currency trading is allowed in Shari`ah on exceptional basis to make life easy for those who need other currencies. This objective does not exist in internet trading. In other words internet currency trading is a pure speculation, this makes it not permissible.
Allah Almighty knows best.
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| Name |
Muslim
- United Kingdom
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| Profession |
Muslim
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| Question |
Assalamu alaikum brother,
Can you tell me, "Are trading commodities (gold, oil, natural gas etc.) online halal?"
May Allah bless us all and keep us on the path of our beloved Prophet Muhammed (peace be upon him)! Amen!
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| Answer |
Wa`alaykum As-Salaamu Warahmatullahi Wabarakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
Genuine trading of commodities and currencies (currencies have special conditions) is of course halal. Speculation that does not add value to the economy is not.
Allah Almighty knows best.
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| Name |
Asif Karim
- Bangladesh
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| Profession |
Teacher
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| Question |
Is selling debt prohibited? What is the difference between bond and debt? Can we trade bond?
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| Answer |
Wa`alaykum As-Salaamu Warahmatullahi Wabarakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
Sale of debt at any price other than face value is prohibited. This means that all debt securitization, debt discounting and the like are not permissible, they are all interest based and interest is prohibited. Besides, sale of debt is a transaction that produces no value at all. It is a futile transaction.
Allah Almighty knows best.
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Muslim
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As-Salamu 'Alaykum wa Rahmatullahi wa Barakatuh:
What is to be said of those who say that the only applicable money in Islam is gold and silver?
I give you the following links: http://www.imranhosein.org/media/books/dinarbook.pdf
http://www.imranhosein.org/forum/view-postlist/forum-2-economics-usury-and-money/topic-203-fatwa-question-about-electronic-money.html
http://www.youtube.com/view_play_list?p=16164F8792524E70&search_query=ISlam+and+the+Future+of+money
Was-Salamu 'Alaykum wa Rahmatullahi wa Barakatuh.
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| Answer |
Wa`alaykum As-Salaamu Warahmatullahi Wabarakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
Just leave them to learn on their own. They don't realize that saying that implies that they are accusing Shari'ah of being outdated. Silver is no more currency and does not have any remote relation to currency. Gold is gone also but it has a very remote and fading relation.
There is no Shari'ah base or support to the claim that gold and silver are currencies (Athman). This is a Fiqhi/economic statement based of understanding not text, of people a thousand year ago.
Allah Almighty knows best.
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| Name |
rrr
- United Kingdom
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| Profession |
asst manager
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| Question |
Assalamu alaikum brother,
I came to U.K. 9 years ago and borrowed some money from bank but still I was not able to repay the amount I took. Also, I am really stressed out. I cannot save any money when I get my salary and I don't know where it goes. Please advice how can I be in control and how to avoid interest?
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Wa`alaykum As-Salaamu Warahmatullahi Wabarakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
The answer is obvious. YOU spend more than your earn. You need to reverse this by controlling your pocket. Stop spending other people money on your own consumption.
Allah Almighty knows best.
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Nina
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| Question |
What is the Islamic perspective on Life Insurance in a secular country like India? Please give references and reasons in favor or against?
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| Answer |
Wa`alaykum As-Salaamu Warahmatullahi Wabarakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
Insurance is a controversial contract. Some Scholars argue that it is haram because it contains intolerable degree of un-knowability of outcome. Others, including me take it as permissible because its un-knowability is contained by the probability theory and its necessary large number of insured besides being a necessary contract in today's life. The same applies to all kinds of insurance including life. It does not insure life, does it?
Allah Almighty knows best.
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Wife
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I am a married woman with a daughter. My husband is very irresponsible and does not support us properly. I had to survive off the state benefits etc. He does pay for things occasionally, but not on a regular basis. We were living in a council flat. Because of this I decided to go back to work and trained as a teacher. I have now bought my own house, car etc and support myself and my daughter. My husband still hardly pays for anything and in fact he is even more laid back as he knows that I earn now. I am fed up of paying for everything, even the food he eats! Whenever I talk to him about it, he gets angry and says that he has lots of other expenses.
Am I within my right to ask him to leave my house?
There are lots of other issues too regarding his ability to be a good father, a good husband etc. and to be honest I have had enough now. I feel like I'm his mother at times and have to look out for him all the time.
Can I ask him to leave until he looks at what he wants in life and accept his responsibilities?
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Wa`alaykum As-Salaamu Warahmatullahi Wabarakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
Technically speaking, lack of support of wife and children is a valid reason to get a divorce. A pre-divorce separation is recognized in Shari`ah if this is what you intend to ask for. But, remember that he may be in need of serious counseling, why don't you encourage him to get that from local experts who are familiar with Shari'ah?
Allah Almighty knows best.
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Editor
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In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
Brothers and sisters, we are so sorry for not answering all your questions because the time is over. We apologize for any inconvenience. Do keep in touch. Join us in coming sessions.
Yours,
Islam Online Fatwa Editing Desk.
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| All Fatwas published on this website (Islamonline.net) represent the juristic views and opinions of eminent scholars and Muftis. They do not necessarily form a juristic approach upheld by this website. Click here to read Full Disclaimer. |
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