Question Kindly reply what do the Fuqaha has to say regarding the following. A person owns a furniture factory. He employs +/- fifty workers. In other to cover up expenses, he wants to let out one portion of the premises to a tenant who wants to operate a bank branch. Is it permissible for him to let out part of the premises to a bank and use the rental money only for the payment of the worker’s salary who are mostly … [Read more...]

  Question   Is it permissible to have an ATM or a Bank on ones premises?   Answer Muhtaram / Muhtaramah   In the Name of Allāh, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh. There are two issues to this query a)Bank as a tenant b)ATM on ones premises According to Shariah, it is not permissible to have a conventional bank as a tenant as one would be aiding in the sin of interest. … [Read more...]

  Question 1A has 100 shares of XYZ stock with today?s (8/30/02) market price of $100 per share. A makes a transferable contract (CALL) with B to sell XYZ stock for a set (STRIKE) price, say $100 per share, until (EXPIRY) 10/30/02 for which B pays A a non-refundable premium of $4.00 per share. B has the option to buy anytime until EXPIRY or not to buy and just lose $400. On 9/30/02, the stock is trading at $110 per share. B can buy the stock, … [Read more...]

  Question   Please advise if interest money could be used to build a house for a poor muslim or what else could interest money be used for.   Answer Muhtaram / Muhtaramah   In the Name of Allāh, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh. The actual ruling of interest and all haram money is that it should be returned to the owner.  If that is not possible, then it will be necessary to give … [Read more...]

Question     My husband works in a company(Company A) as a Store Supervisor which sells magazines and many other things. But he does the job of the manager as the manager supervises another store and doesnot overlook the running of this one. Sometimes the magazines haves gifts in them for the buyer (customers of company A) from advertisers. Some of the gifts are expensive or branded which normal people wouldnot be able to buy as … [Read more...]

Question       I am woking in company which is mutlinational and engage in business of Construction of Building, Gas Plants, Roads, Refinery etc. (www.ccc.gr)   As we all know, companies keep their money in bank with interest bearing account.   As a employee we don’t have knowledge of how much interest company has earned via interest or non shariah complaint activities.   In such … [Read more...]