Ways and means of income, earning one's livelihood and spending such income should conform with the Shari'ah. Hadhrat Ibn Mas'ood (Radhlyallaho anho) narrates that Rasulullah (Sallallaho alaihe wasallam) said: "On the Day of Qiyaamah no one will be able to move (on the occasion of Hisaab Reckoning) until a reckoning of five things has not been taken..." … [Read more...]
Kitaabul Hawaalah (Transferral of Debts)
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November 9, 2009 by
BUSINESS ISSUES Advice Before approaching anything, there are three fundamental points; a) Definition, b) Subject matter, and, c) Aims and Objectives We shall discuss the literal definitions / subject matters of different subjects (Wakaalah / Kafaalah / Hawaalah / Ijaarah and Accidents) but in order to invoke the mercy of Allah Ta'ala in our discourses (disseminating knowledge, seeking knowledge and practising upon it), all our discourses are … [Read more...]
Ijaarah (Hiring)
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November 9, 2009 by
1) Definition a) Literal Definition Ijaarah is derived from the root word 'Ujrah' which means to reward. b) Shar'ee Definition Ijaarah is a transaction on benefits in exchange of something' (Qudoori) 2) Sources a. Qur'aan "And said one of them (the two women), 'O my father! Hire him! Verily the best of men for you to hire is the … [Read more...]
Wakaalah (Agency or Power of Attorney)
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November 9, 2009 by
1) Literal Definition Wakaalah is an Arabic word from the scale of 'Tafeel'. It means to take care of, to look after. Allah Ta'ala has 99 qualities. One is al-Wakeel as He takes care of every affair of every creature till death. Shar'ee Definition 'To appoint another person in one's position in a permissible and known transaction.' (Raddul Mukhtar vol.5 … [Read more...]
Kafaalah (Surety)
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November 9, 2009 by
1) Literal Definition Kafaalah is an Arabic word from the scale of Nasara, Yansuru. It means to join. Allah Ta'ala has 99 qualities. One is al-Kafeel as he joins (assists) in the affairs of every creation. Shar'ee Definition 'To attach a responsibility to another in a claim.' (Hidaaya) Kafaalat is permissible. This is proven from two prime sources of … [Read more...]
Don’t get Burned – Financial Prohibitions in Islam
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November 9, 2009 by
FINANCIAL PROHIBITIONS IN ISLAM Stocks, bonds, T-bills, money market accounts, certificates of deposits, variable-interest checking and saving accounts, as well as a plethora of other financial jargons that have now become a reality in the life of many among us, have made earning and saving our money much more complicated than it used to be. With this ever-increasing … [Read more...]
