Answered by Shaykh Yūsuf Badāt Question: Is selling 3 sofas in return of 4 sofas muʾajjalan (deferred) permissible? Answer: بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allāh, Most Gracious, Most Merciful. Jazāk Allāh Khayr/ Thank you for contacting Mathabah Institute. It is only islamicaly permissible to trade 3 sofas for 4 sofas if the…
Answered by Shaykh Yūsuf Badāt Question: Why is lending cryptocurrency and earning interest on them ḥarām forbidden? Is it not a commodity and not a currency? Answer: بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allāh, Most Gracious, Most Merciful. Jazāk Allāh Khayr/ Thank you for contacting Mathabah Institute. Bitcoin and or cryptocurrency has been…
Answered by Shaykh Yūsuf Badāt Question: Is it OK to work as a financial analyst who calculates the interest amount of loans etc.? Answer: بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allāh, Most Gracious, Most Merciful. Jazāk Allāh Khayr/ Thank you for contacting Mathabah. Usury (interest) is forbidden in Islam. Therefore, witnessing, documenting or…
Answered by Mufti Ibrahim Kureshi Question: There are many car dealerships, some even owned by Muslims who offer 0% financing to Muslim customers. There is a third party financing bank or institution involved in this transaction. As for the contract, the dealership adds the interest amount into the principle. They call this a murābaḥah (profit…