Is it permissible to invest in Cryptocurrencies, specifically Bitcoin?
I pray all is well and may Allah swt accept all your good deeds and bless you for your keenness, Below, please find the summary of the Islamic Economic Forum’s […]
Are all IRAs restricted like the 401(k) with the same Zakat rulings?
No. Some IRAs (like Roth IRAs) have their contributions taxed and because of this are penalty-free; so they work differently than 401(k) and non-taxed IRAs. At age 59-and-a-half, after one […]
What is the argument for paying Zakat on restricted accounts?
The Fiqh Council of North America has ruled the following on this topic:If one’s due Zakat payment on such an account exceeds what one has the means to pay from […]
What if the 401(k) account imposes restrictions and penalties if withdrawn prematurely?
Scholars differ in their opinions on this topic:Some scholars say, no Zakat is due if the account imposes restrictions and penalties on one’s use and withdrawal of its funds arguing […]
Is Zakat owed on retirement accounts, such as a 401(k)?
Yes, if one has full, free access to the account.
Do we pay Zakat on 401k before the due date matures?
The scholars have differed on zakah due on 401(k) and adopted three main opinions. Some have considered the zakatable amount to be that after subtracting penalties and taxes that would […]
Is investing in 401k permissible in Islam?
The 401k structure itself is not problematic, rather the underlying investments are what determine permissibility from a religious perspective. You might consider checking with your company if they offer a […]
Is it permissible to issue a credit card and is the ruling on accepting cash rewards?
I pray all is well and may Allah (swt) accept all your good deeds and bless you for your keenness, eagerness, and enthusiasm to learn the authentic Sunnah in following […]
What is the Islamic ruling on buying additional warranty coverage for electronic products?
Also, is it permissible to work at a store that sells these extended warranties?
It is permissible to buy/sell products with a warranty for a specific length of time, and this comes under the heading of a promise or stipulating a benefit for the […]
What is the best way to get rid of the interest money?
One should immediately dispose of it by giving it to a public charity cause, without the intention of receiving a reward for it.It is best to give it to a […]
Can I give the interest money to relatives/friends of mine who are considered poor? And do I have to inform them?
Yes, if the relative/friend is poor or needy, you may give him/her the interest money.No, you do not need to inform them of the source of the money and you […]
Can I use the interest money to pay my student loan or my utility bills?
It is not permissible to pay off your student loan or utility bills with interest money. You cannot use your interest money for any of your personal expenses or spend […]
