Month

August 2017
Question: Is it necessary to display the prices of goods in a shop? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. The Answer: A citizen of any jurisdiction will follow the trading standards of his jurisdiction in terms of business practice. A resident of the UK will follow...
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The concept of money has been evolving across time. Goods, gold, silver, banknotes, electronic money have all played the role of money. The birth of blockchain technology gave rise to an innovative, decentralised peer to peer payment system called Bitcoin. This gives a glimpse of a futuristic cashless, digital economy. With all the excitement and...
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Question: Index-linked-saving certificates: These are on sale intermittently and  for a term of 3 or 5 years. At the end of the term one can cash them or renew them for another term. The purpose is to keep the purchasing power of the money as when it was put in. This is done by adding...
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Question: Is there Zakat on Aviva Life Insurance Plan? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.  The Answer: Zakat is not binding on the premiums paid to the policy.  More importantly, life insurance policies are prohibited.  Entering into such contracts without any legal requirement or necessity is...
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Question: Is it permissible to take part it in the Its On Us Scheme Offered By Lloyds Bank? The Answer: In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. It is permissible to enter the It’s On Us free prize draw offered by Lloyds bank. The Fiqh (jurisprudence of...
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