Is it permissible to invest in cryptocurrencies?

Question: Is it permissible to invest in cryptocurrencies? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.  The Answer: Contemporary issues require some level of Ijtihād and scholarly reasoning, thus, there is usually a difference of opinion in such issues. Our current position on cryptocurrencies is that it is … More Is it permissible to invest in cryptocurrencies?

Can a counter-party’s silence upon an offer be considered to be acceptance?

Question: Can a counter-party’s silence upon an offer be considered to be acceptance? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.  The Answer:  The silence of the counter-party without any statement or action indicating to acceptance is not regarded as acceptance in commercial transactions[1]. The Fiqh (jurisprudence of … More Can a counter-party’s silence upon an offer be considered to be acceptance?

How are Surplus Proceeds From the Sale of a Collaterised Assets Treated?

Question: How to Treat Surplus From Sale of a Collaterised asset In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.  The Answer:  Any surplus proceeds in excess of an outstanding debt realised from the sale of a collaterised asset must be returned to the debtor. They are an Amanah … More How are Surplus Proceeds From the Sale of a Collaterised Assets Treated?

Does a Valid Sale Require Displaying of the Price?

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 … More Does a Valid Sale Require Displaying of the Price?

Are The NS&I Index Linked Savings Certificates Shariah Compliant?

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 … More Are The NS&I Index Linked Savings Certificates Shariah Compliant?

Zakat on Aviva Life Insurance Plan

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 … More Zakat on Aviva Life Insurance Plan

Shariah Compliance of ‘Its On Us’ Scheme at Lloyds Bank

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 … More Shariah Compliance of ‘Its On Us’ Scheme at Lloyds Bank