Financial Transactions in Islam

Financial Transactions in Islam | Sheikh Abu Talha

Different aspects of financial transactions that are allowed and not allowed in Islam. Also questions related to pension, credit cards, banking, riba were answered by Abu Talha

Comments

Dondidlion said…

Salaam.

A new law (UK) means that every employer must automatically enrol workers into a workplace pension scheme.

https://www.gov.uk/workplace-pensions/about-workplace-pensions

So in August a part of my salary will be deducted to go into this scheme. After I have been enrolled do I need to opt out?

Jazaakallaahu khayr

Thursday, June 26, 2014

An advice to Muslims working in the financial sector

Assalam wa alaikum wa rahmatullah wabarakatahu, Dear Brothers & Sisters, We are saddened to see Muslims today even those who practise many of the rules of Islam are working in jobs which involve haram in the financial sector. They are working in positions which involve usurious (Riba) transactions, insurance, the stock market and the like. Even though many of the clear evidences regarding the severity of the sin of Riba are known, some have justified their job to themselves thinking that they are safe as long as they are not engaged in the actual action of taking or giving Riba. Brothers & Sisters, You should know that the majority of jobs in the financial sector, even the IT jobs in this area are haram (prohibited) as they involve the processing of prohibited contracts. If you work in this sector, do not justify your job to yourself because of the fear of losing your position or having to change your career, fear Allah as he should be feared and consider ...

Q&A: Age of separating children in the beds?

Question: Please explain the hukm regarding separation of children in their beds. At what age is separation an obligation upon the parents? Also can a parent sleep in the same bed as their child? Answer: 1- With regards to separating children in their beds, it is clear that the separation which is obligatory is when they reach the age of 7 and not since their birth. This is due to the hadith reported by Daarqutni and al-Hakim from the Messenger (saw) who said: When your children reach the age of 7 then separate their beds and when they reach 10 beat them if they do not pray their salah.’ This is also due to what has been narrated by al-Bazzar on the authority of Abi Rafi’ with the following wording: ‘We found in a sheet near the Messenger of Allah (saw) when he died on which the following was written: Separate the beds of the slave boys and girls and brothers and sisters of 7 years of age.’ The two hadiths are texts on the separation of children when they reach the age of 7. As for the...

Authenticity of ahadith on tall buildings in Makkah?

Question Are these ḥadith sound? Are the references provided correct and accurate? When you see the belly of Makkah will be cleft open and through it will be dug out river-like passages (i.e. tunnels) (or water in the road to Makkah), and you see the buildings surpass its mountains, then take care (or beware, or a variant has: then know that the matter is at hand, or then understand that the time of trial (Judgment day) is near at hand). [Narrated by Al-Azraqi in the Book of reports about Makkah – Kitab Akhbaar Makkah, Hadiyth-1725; A specific Hadiyth (in fact several related-Hadiyths) which prophesizes about this Tower. Itha ra’aitun mecca bu’ijat katha’ima, wa ya-tasawa bunyanuha ru’usa jibaliha, faqad athalati as-Sa’atu. When you see Mecca, its mountain with holes (pierced through them), and its buildings reach its mountain tops, then as-Sa’ah (the Hour) has already cast its shadow. [Suyuti] So when you see in Makkah that channels have already been dug (or tunnels b...

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