Commercial Transactions

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Can we use our interest money to pay off our taxes or to benefit from it?

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Can we use our interest money to pay off our taxes or to benefit from it?

Can I promote product deals or sell during Black Friday?

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Can I promote product deals or sell during Black Friday?

Applied For A Loan In Dollars & Received In Pounds, How Do I Pay Back?

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This issue is happening with brexit and around the world when you take a loan in dollars but they pay you in pounds. When it comes to money exchange it is given hand to hand immediately, and it has to be exact same quantity and in same currency it was received in.

Endowment

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Endowment means dedicating something that can give benefit, while retaining ownership of it, in order to gain reward from Allah. This means that the principal is retained, but the yield is given freely

Borrowing

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Borrowing is using a non-consumable item that doesn't belong to oneself and returning it intact after an agreed amount of time by the owner. Only the owner can lend his things and to be used in a lawful purpose

Conditions for hire

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Hiring is required to fulfill seven conditions, hiring a sane adult capable employee within a specific period. The benefits should be specific, and the work itself should be lawful and managed by the hirer.

Hire

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Hiring process in Islam is a process of assigning somebody to do specific tasks for a specific period of time. It is a method described in Quraan and Sunnah and it's mandatory to pay the employees their wages on time.

Partnership: definition and rulings

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Partnership is joining two properties together and having joint rights. Upon being partners in a property, the rights including will, inheritance or gift are shared and supposed to be documented by a contract.

Surety

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Surety is an item given to the borrower as a security in case of not repaying the debt; The surety should be definite in type and description and can be used or sold. Surety is legitimate and regulated by six rules.

Loans: definition and supporting evidence

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Loans are permissible in Islam only if they are to be returned later in the same amount. It is lawful and strongly encouraged through numerous verses and hadiths as a way to help others and easing their problems. 

Two: Riba al-Nasi’ah (i.e. increase for a delay)

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Riba is a word used to describe adding extra amount upon returning borrowed money or things in order to delay it. It is one of two types according to the method followed but in both cases it is strictly forbidden.

One: Riba al-Fadl (i.e. an increase in quantity)

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Riba al Fadl is a term describing the deal exchanging the same type of commodities in different quantities favoring one of the parties and this is strictly forbidden in Islam even if the quality is different.

Usury: definition and ruling

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Usury is charging a rate of interest upon lending money. It is forbidden in Islam and it is clearly stated in Quran. Only trade is permissible. 

Purchase by installments

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Purchasing by installment is paying the value of a purchased item divided on installments paid at specific dates agreed on by both parties. This process is permissible in Islam as long as it fulfills 4 rules.

Conditions: The following conditions must be met for the sale to be valid

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There are7 condition that must be took in consideration during selling process; an agreement between 2 sane adults on a known specific lawful object owned by the seller, and the buyer should have access to it.

Commercial Transactions

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Commercial transaction is the exchange of property or benefit in the form of trade which is permissible as long as it happens in a certain frame. It’s preferred to have witnesses especially in large deals.

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