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 if a person owes Zakat to a retirement account but does not have the cash liquidity to pay from their available wealth?
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 is the argument for paying Zakat on restricted accounts?
Scholars who contend that one must pay Zakat on restricted accounts hold that one can, in fact, withdraw from a restricted account, even if one incurs a penalty, fees, and […]
Do we pay Zakat on 401k before the due date matures?
The scholars have differed on zakah due on 401(k) and adopted four main opinions: 1. Some have considered the zakatable amount to be that after subtracting penalties and taxes that […]
Is it permissible to purchase a house if the seller and the lender are the same entity?
Below, please take a look at the answer extracted from the study presented by Dr. Main Alqudah at the AMJA 16th Annual Imams’ Conference. https://www.amjaonline.org/wp-content/uploads/2019/04/Contemporary-Issues-Related-To-Buying-RealEstate-Alqudah.pdf Second: Financing with Construction Companies […]
What is the Islamic ruling on options contracts on shares/stocks?
The object of the option contract is merely the right to buy or sell for a certain price. So what is being sold is the option itself, and this contract […]
Is it permissible to sell the meat of the Udhiyah?
‘Ali (Allah be pleased with him) reported: Allah’s messenger (ﷺ) put me in charge of his sacrificial animals, that I should give their flesh. skins and saddle cloths as sadaqah, […]
