Is working at a bank Islamically permissible?
Narrated Jabir (RA):Allah’s Messenger (ﷺ) cursed the one who accepts usury, the one who gives it, the one who records it and the two witnesses to it, saying, “They are […]
Is it permissible to buy or sell something at a specific price at a specific time; for example, to agree with someone to sell something for ten dollars on the thirty-first day, where my profit or loss will depend on the price of this thing at that time, and the same applies to buying?
It is permissible to purchase a described commodity to be delivered at a specified future date, provided that the full payment is made at the time of the contract. This […]
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 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 […]
What if the 401(k) account imposes restrictions and penalties if withdrawn prematurely?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 […]
Should I take the interest money accumulated in my bank account, or should I leave it to the bank?
You should not leave it to the bank, but rather take it and spend it on any public charity project, without the intention of receiving a reward for it. However, […]
Is it allowed for me to use the interest money accumulated in my bank account?
It is not permissible to use the interest money accumulated in your bank account, as this act is considered a major sin. Allah says in Quran ( what could be […]
