1. Women
  2. Transactions

There are 16 articles

  • Giving gifts in Islam

    Gift-giving is one of the good manners that maintains and strengthens relations between the giver and the recipient. It is one of the acts that Prophet Muhammad  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) recommended Muslims to do. Al-Bukhari  may  Allaah  have  mercy  upon  him narrated that ‘Aa’ishah  may  Allaah  be  pleased  with  her said: "The Messenger.. More

  • The Islamic ruling on Al-Luqatah (lost and found)

    Definition Linguistically, 'Al-Luqatah' refers to anything that is found and picked up from the ground. Technically, as Imam Ibn Qudamah, may Allaah have mercy upon him, a Muslim scholar, defined it as: 'Property that the owner loses and a person finds and takes away (to preserve it in trust).' Legal Validity Muslim scholars vary about the ruling... More

  • Prophetic prohibition against economic monopolies

    Monopoly, or Ihtikar in Arabic, is a prohibited practice in Islam because it leads to injustice. The Prophet Muhammad, sallallaahu alayhi wa sallam, has made explicit and specific statements about it. For example, he said: "Whoever withholds food (in order to raise its price), has certainly erred!" [Muslim] Also: "Whoever strives to increase.. More

  • Mortgage

    Mortgaging refers to the security for a debt against an article that can cover it or its value (in case of non-fulfillment). Mortgaging is permissible according to the Noble Quran, the Sunnah (Prophetic Tradition) and the consensus of Muslim scholars. Allah, the Exalted be He, says (what means): {...And if you are on a journey and cannot find a scribe,.. More

  • Contemporary Contracts and Transactions

    The insurance contract The commercial insurance contract is one of the unlawful contracts because of the gharar (risk due to uncertainty about the sold item) involved. The Messenger of Allah, sallallaahu ‘alayhi wa sallam, was reported to have forbidden the gharar-based selling. [Muslim on the authority of Abu Hurayrah, may Allah be pleased with.. More

  • Damage and Damages

    Allah, The Most High, has prohibited usurping other people's property and has imposed liability for whatever is damaged of the property taken without right even if it was by mistake. Whoever damages another person's property - that is considerable - without its owner's permission, is financially liable to make up for it. Imam Al-Muwaffaq, may Allah.. More

  • Conditions of Sale in the Islamic Economy

    1. Consent: A sale is not valid unless there is mutual consent between the two parties. In the Quran, Allah Almighty says (what means): {But only [in lawful] business by mutual consent.} [Quran 4:29] But, how can the consent condition be met between the two contracting parties? Scholars have three different opinions on how the consent condition.. More

  • Paying through installments

    Definition: It is a postponed payment executed in a fixed number of instalments at determined times, with a price higher than the cash price. Is such a sale allowed? Scholars have two opinions: 1-The first opinion: Many scholars of the Hanafi, Maaliki, Hanbali, and Shafi’ee schools of jurisprudence rule that it is allowed. They present the following.. More

  • The ethical framework for a Muslim investor

    Money, money, money. Doesn’t it make your head spin sometimes? Think of all the things you can do if you just had a little more… Unfortunately, this compelling greed and need sometimes drives us to make financially unsound decisions, and worse still, even un-Islamic ones. The following article outlines various aspects of Islamic financial.. More

  • Conditions of trade transactions

    Recurrent are the conditions set by a seller or a buyer when concluding a trade transaction. Accordingly, it has become a necessity to study and tackle the different kinds of such conditions, pointing out the legal and the illegal ones among them. The scholars of Islamic Jurisprudence, may Allah have mercy upon them, defined a condition (of a trade.. More

  • The Salam (Sale of Payment in Advance)

    The salam is payment in advance with delaying the receipt of the sold item. The Muslim faqihs (jurists), may Allah have mercy on them, define the salam as: “A contract according to which the price of a clearly defined item is paid in advance at the place of concluding the contract, and the sold item is to be received later.” This kind of.. More

  • Trade transactions

    Allah, in His Noble Book, the Quran, and the Prophet, sallallaahu alayhi wa sallam, through his honorable Sunnah (Prophetic Tradition), pointed out the rulings on transactions because of people's need for them; people in general need food, clothes, houses, vehicles and other necessities of life in addition to different luxuries which are obtained through.. More

  • Islamic banking in the digital age

    Islamic banking refers to a system of banking activities that is consistent with the Sharee'ah (Islamic law) and guided by Islamic economics. Thus, banking procedures including payment of Ribaa (usury or interest) is Haraam (Islamically prohibited). Islamic law also prohibits trading in financial risk (which is seen as a form of gambling), investing.. More

  • Islamic ruling on raffle-tickets

    This practice of raffle-tickets amounts to gambling. One of the arguments in favor of raffle tickets is that the scheme is widely used for philanthropic causes. It must be borne in mind that in Arabia, gambling in he times when the Quran was being revealed was no exception. In fact, owing to its "philanthropic aspect", gambling was considered.. More

  • Etiquettes related to debt and loaning - I

    Many social problems result from loans because many people overlook the etiquettes which Islam legislated for the debtor and the creditor, and should the debtors and the creditors adhere to such etiquettes, then many problems would be solved. Some of these etiquettes regarding the creditor are to delay the debtor who is unable to pay on due time and.. More