Is it permissible to invest in Cryptocurrencies, specifically Bitcoin?
Below, please find the summary of the Islamic Economic Forum’s Declaration on Bitcoin: Islamic Economic Forum (IEF) is a specialized group on WhatsApp founded by Sheikh Muhammed Khalid Hasani 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 […]
What if the 401(k) account imposes restrictions and penalties if withdrawn prematurely?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 due if the account imposes restrictions and penalties on one’s use and withdrawal of its funds arguing that […]
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 four main opinions: 1. Some have considered the zakatable amount to be that after subtracting penalties and taxes that […]
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 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 […]
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, […]
Are gifts and cash incentives offered by banks to account holders Islamically permissible?
There are various scenarios when it comes to accepting gifts from a bank: If the gift is offered to someone who has no connection with the bank, such as one […]
Should a long-term debt be returned on the due date for the amount previously borrowed or its current value today?
Some scholars rule that it gets paid with the same amount promised in the past regardless of the difference in value.Some scholars rule that it gets paid with the same […]
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 […]
Are student loans Islamically permissible?
Please refer to the following summary from the American Muslim Jurists Association (AMJA) fiqh council on the topic. This outlines several options which you can consider to reduce or eliminate […]
