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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 |
Modern Financial Transactions
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| Date |
Thursday,Mar 5 ,2009
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Time |
Makkah
From...
15:40...To...
17:30
GMT
From... 12:40...To...14:30
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| Name |
Host
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| Question |
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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 |
Dr. Zainab
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| Profession |
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| Question |
Dear Dr. Monzer thanks for your effort and good fatwas. I have a question. One of my friends put her money in a bank for many years and she came to know that it is haram. Now she wants to repent and correct her mistake. What can she do with her money and the profits she took for many years? Please answer me to guide my friend.
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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.
Dear Sr. Dr. Zainab
Interest given on bank account cannot be called profit! This interest is the Exact Riba as prohibited in the Qur'an. Your friend needs to repent, make Istighfar(asking Allah's forgiveness), give away the amount of interest she got to Muslim charity.
She can make an estimation to the best of her educated guess, and if there is an Islamic bank in her area move her account to an Islamic bank, finally make as much as she can of good deeds because good deeds take away the bad ones as the Qur'an tells us.
Allah Almighty knows best.
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| Name |
Quadir
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| Question |
Assalaamalaikum Dr. Monzer
1) How do I calculate my Zakah? How do I estimate my savings, should it be savings for 1 whole year?
2) Also please explain the concept of Islamic Banking and how does it work without any interest, how does it lend money etc.?
3)How can Islamic Banking provide a solution to the current economic situation?
Jazak'Allah Khairan
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| Answer |
Wa `alaykum As-Salamu wa Rahmatullahi wa Barakatuh.
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.
Dear Br. Quadir
1)Zakah is on accumulated savings not simply on the act of saving or earning. In other words it is on the part of earning that is saved. The calculation is much simpler than you may think: The cut off date is the day you first time have the amount of Nisab (approximately Euro 1000) then each 354 days (lunar year) from that day you look how much you have and multiply it by 2.5% this is the amount of Zakah due on you, You then repeat the same the next 354 days. . .
2) Islamic banks do not lend money. The contract of lend/borrow is not within the Islamic finance dictionary. Islamic banks provide finance on the basis of credit sale, lease or venture capital and make money from the mark up in sale (the difference between purchase and credit sale price), from lease rental or from profit on venture capital.
3) Islamic banks in fact cannot solve this existing crisis because it is a crisis of debts secularization and price and non-real contracts speculation. All these cannot, are not and were not done by Islamic banks. This is why no Islamic bank will bankrupt in this crisis! They do not buy debts from other banks and they do not deal in debts other than collect them from their customers.
Islamic banks were much less affected in this crisis than conventional banks. The effect on them came only from two areas: their investment is stocks (all stocks went down sharply) and the decline in real estates prices in the gulf and inability of some of their big customers to pay their debts (that is only partial and of not a big effect outside Dubai).
In other words, had the principles of Islamic banking and finance were prevalent in the West, the crisis cannot AT ALL be of this magnitude and it would not have any domino effect on other institutions.
Allah Almighty knows best.
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| Name |
Adel
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| Question |
Salamu Alaykum
I would like to ask about the Islamic banks and the doubts raised about their being involved in non-Islamic transactions with central banks in the countries they are located in. Please provide details.
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Wa `alaykum As-Salamu wa Rahmatullahi wa Barakatuh.
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.
Dear Br. Adel
That is simply a lie. It never happened. That does not mean that all what some Islamic banks especially in Saudi and Malaysia do with customers and with other banks is unanimously agreeable by all Shari'ah scholars.
Allah Almighty knows best.
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very urgent
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I was a Muslim who apostatized from Islam a few years ago. then I wanted to come back into Islam and I was told even if an apostate leaves Islam then enters it again all of his sins are erased, I didn't know this; I thought only if a person who was a kafir all their life enters Islam all sins will be erased. But I did something very bad, before I repented and read shahadah again I fornicated more than once each time I fornicated I thought 'even though fornication is a huge sin I will be forgiven for it as soon as I enter Islam again, and I wont be punished' and as soon as I thought this I committed fornication. Now I have entered Islam again and have read the shahadah but I have a few questions:
- has all the times I fornicated been erased because I read on the internet if before one commits a sin they think 'I will commit the sin but I will just repent later for it and I will be forgiven' Allah does not accept this type of repentance?
- can I get married as usual or am I still accountable for fornicating
the reason I am in doubt is because I read on the internet Allah does not accept repentance of someone if they only commit sin because they know they can repent for it later?
My friend said it doesn't matter what I did as soon as I entered Islam everything was erased, but I am still in doubt. Do I need to do tauba for fornicating or have I been forgiven? I asked many people this question and they just said inshallah you have been forgiven that's all they said; this doesn't answer any of my questions, please just tell me according to Islam have I been forgiven for fornicating because I have been told if someone only commits a sin because they know they will be forgiven for it later, Allah will not accept their repentance, so was I forgiven for fornicating when I entered Islam again? Please just say yes you have been forgiven or no you haven't because I asked many people this question and they just complicated the answer and I ended up with no answers at all, and if yes I have been forgiven can I get married as normal? Thank you very much for your time.
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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.
This is not my area of specialty I am only in Islamic finance and economics. I suggest that you should submit this question to a general Fatwa session. I can tell you at least this. No matter what sins a person come up with if one makes sincere repentance and quit that kind of behavior Allah will forgive him. You are coming to the MOST FORGIVER. He forgives every thing and makes a sinner as clean of all sins as a baby.
Allah Almighty knows best.
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| Name |
Atif
- Algeria
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| Profession |
isurance agent
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| Question |
Is commercial insurance haram? Why?
How one could get out of this business after 5 years of work?
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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.
The reason why many scholars believe in the prohibition of insurance offered by commercial companies is that it is an exchange contract that contains a great deal of Gharar. Then they suggest replacing it by cooperative insurance. There is another view to which I belong that argues that commercial insurance is not Haram because the Gharar in it contained and it is necessary in modern life.
Allah Almighty knows best.
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| Name |
amena
- Saudi Arabia
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| Profession |
housewife
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| Question |
Can an apartment bought with a initial down payment and subsequent payments to be made over a year be let out or resold before complete payments are made?
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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.
Leasing and sale before full payment of the debt is permissible because by the purchase contract you become an owner and under debt on the other hand. By virtue of being the owner you can lease and sell.
Allah Almighty knows best.
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| Name |
Quadir
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| Question |
Assalaamalaikum
Thank you for answering my questions.
Please suggest some good books on Islamic Banking for a beginner that would be available here in the States.
Also you mentioned about Islamic banks making money on the difference between purchase and credit sale, which wasn't clear.
If a regular customer requires a loan, how would that happen as Islamic banks don't lend money.
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| Answer |
Wa `alaykum As-Salamu wa Rahmatullahi wa Barakatuh.
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.
Dear Br. Quadir
They simply don't give loans! They tell him sorry but why do you need it. If for buying a car we buy it cash and sell it to you on credit at a higher price. If you think carefully about it you find a big difference but if you fail to find it come and attend one of my courses!
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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