At the National Zakat Foundation, in collaboration with scholars, financial analysts, accountants and others, we spent almost 5 months analysing the FTSE 100 to determine proxy for net Zakatable assets in companies, Summary recommendations National Zakat Foundation’s (NZF) recommendation to Muslim shareholders is as follows: Ideally, a complete calculation and review of the balance sheet … More Zakat on share investments: determining a proxy for calculation
Summary Any cryptocurrency or token purchased to resell will always be Zakatable. Zakat is due on the market value on one’s Zakat anniversary. The cryptocurrency value should be converted into one’s local currency at the time of calculation. If a cryptocurrency is not purchased to resell, a coin currency such as Bitcoin, Litecoin, Ripple etc … More Research paper: Zakat on Cryptocurrencies
This short treatise analyses the concept of ownership in Shariah and considers the concept of a trust under Shariah. Ownership is described as a relationship between a legal person (human or non-human), the corporeal entity of the property and its benefits. The paper expounds on the different types of ownership recognised in Islamic law with examples … More A Shariah Analysis of Ownership and the Concept of Trusts
This is an overview and my personal conclusion to an ongoing research in respect to Bitcoin. References and detailed analysis can be viewed in my previous papers. After researching the issue of Bitcoin initially and releasing papers on the topic, I have received feedback from several colleagues from the Islamic finance industry, fellow Shariah advisors … More Shariah Interpretations of Bitcoin
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 … More Bitcoin: Shariah Compliant?
The following points are a few Islamic guidelines to assist in profit sharing and distribution: Profits must not be guaranteed or fixed in absolute terms for any business partner. Thus, a fixed amount in numerals cannot be set as a profit share for any partner. Profit ratios must not be set as a percentage of … More Shariah Compliant Profit Distribution