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Showing posts from June, 2017

The reality of cryptocurrencies such as Bitcoin and the shari’ah rule regarding them

The following is the translation of an Ijtihad by Ustadh Abu Khaled al-Hejazi, please refer to the Arabic original for exact meanings. Today, Bitcoin and other cryptocurrencies are proposed as alternate currency models compared to the traditional currencies such as the Dollar, Riyal and euro, albeit there are some fundamental differences between the two and the most important being that cryptocurrencies are a digital currency that exist only on the Internet without having a physical or tangible existence to it. In addition to this there is no centralized organization that issues the currency and there is no real world asset that backs these currencies. The users of these currencies can purchase the currencies through Cryptocurrency exchange websites on the internet and they can also convert these currencies back into traditional currencies. Who issues cryptocurrencies? Contrary to traditional currencies which are generally backed by assets such as gold or by other stronger

New book: The Muslim's Handbook to Understanding Islamic Economics & Financial Transactions

The Muslim's handbook to understanding Islamic Economics & Financial Transactions  - Compilation of Q&A answered by Sheikh Ata bin Khaleel abu Rashta Istinarah Press Paperback, 430 pages This book has been compiled as a result of a need to have a handy guide to understand various issues related to Economics & Financial Transactions from the Shari’ perspective. Running over 430 pages, the subjects covered in the book include the  Ahkam  related to Zakah, Trade & Commerce,  Riba , Insurance, Employment, Hiring,  Muamalat , Loans & Debts, Land, Agriculture, Public & Private Property , currency, economic crisis and funds in the Khilafah.  And as time progresses and with the ever increasing call among the Muslims to reunite under a Khilafah where Islamic is implemented In a comprehensive manner, there is an increasing need for books to be written on crucial subjects so as to be to able to build within the Ummah, the right awareness and depth. Having

Q&A: Crisis between Saudi Arabia and Qatar!

Question : Trump said at a press conference with his Romanian counterpart in the White House on 9/6/2017: (…key players in the region agreed to stop supporting terrorism, whether it be financial, military or even moral support. The nation of Qatar, unfortunately, has historically been a funder of terrorism at a very high level. And in the wake of that conference, nations came together and spoke to me about confronting Qatar over its behavior. So we had a decision to make: Do we take the easy road or do we finally take a hard but necessary action? We have to stop the funding of terrorism. I decided, along with Secretary of state Rex Tillerson, our great generals and military people, the time had come to call on Qatar to end its funding…) (Al-Youm As-Sabi’,9/6/2017) Does this mean that the crisis between Saudi Arabia and Qatar was driven by Trump? If this is true, why is Trump taking this step, knowing that America’s largest base in the region is in Qatar? The media also attributed the

Video: Understaning of Riba (Usury) - An Islamic Perspective

A look at Riba or Usury in the Islamic Context. It was narrated that Abu Hurairah said: "The Messenger of Allah said: 'Gold for gold, weight for weight, like for like; and silver for silver, weight for weight, like for like. Whoever gives more or takes more has engaged in Riba."'

Q&A: Borrowing from Someone who does not take Halal and Haram as his Criteria

Question: Assalamu Alaikum our Sheikh One of my colleagues has a brother who works abroad, but he is not concerned with the Halal and Haram in his work, and my colleague now is in need of money to complete (building) his house, because he can no longer pay the rent; and he is asking can he borrow (money) from his brother. Note that his brother is insisting on lending him (the money)? From Najmeddine Khcharem Answer: Wa Alaikum As-Salaam Wa Rahmatullah Wa Barakatuhu In transactions people exchange three things: 1- A thing that is forbidden specifically for itself like alcohol…these things are forbidden to be given as gifts, nor to be borrowed, or sold, or bought…etc. Transaction is forbidden for the person who gives the alcohol, and is forbidden for the person it is gifted to, or the one who sells it, or buys it, or the one who borrows it…etc. The Messenger ﷺ said:« حُرِّمَتِ الْخَمْرُ بِعَيْنِهَا »  “Alcohol is forbidden for itself” (Narrated by Nisa’i). 2- Somethin