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 […]
Is investing in the stock market permissible in Islam?
The underlying ruling is that trading in stocks is permissible, as with other permissible trades, as long as certain conditions are met. See the answer of Sh. Salah as-Sawy, President […]
Is it permissible to transfer an interest-based debt to a non-interest based debt or to a 0% interest rate debt, so the interest can be reduced or eliminated? If permissible, can I do it for one of my family members using my card?
When someone is already in debt with an interest-bearing debt and that person can transfer the interest-bearing debt to a 0% interest or to a reduced interest rate debt, then […]
What can Interest/impermissible money be spent on? Can you give interest money to charity in Islam?
Yes, but only as a general donation, no rewards are to be expected because it is haram in its nature and should only be spent to cleanse one’s wealth.If you […]
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What if the 401(k) account imposes restrictions and penalties if withdrawn prematurely?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 […]
