Is the Nisab for Zakah in Canada Based on Gold Only, and Why Is 21K Gold Used? QuestionSalam Imam, is the nisab for zakah based on gold and not silver today, since cash is no longer backed by silver? And is the correct gold standard 21K gold rather than 24K or 14K? How is this … Read more
What Is the Sharia Ruling on Investing in Real Estate Investment Trusts (REITs)? QuestionAssalam alaykum Sheikh. Please we need a fatwa stand on the following business related question. Real estate investment trusts (REITs) are companies that own, operate, or finance income producing real estate across a wide range of property sectors. They raise capital by … Read more
Is General Forex Trading Haram, and Does Trading Gold, Silver, or Platinum Change the Ruling? QuestionSalam alaykum. Is general forex trading haram? What if it is used only for buying earth minerals like gold, silver, and platinum? Would it be permissible in this case? Jazakum Allah khair. AnswerAlhamdulillah, wassalatu wassalamu ala rasulillah, wa ala alihi … Read more
Is It Permissible to Provide Marine Technical Services as a Contractor to Insurance Companies? QuestionAssalamualaikum dear sheikh. I have a small marine consulting business where insurance clients approach me to request technical inspections and advice on ships, boats, and other marine structures. I do not get involved in approving or denying claims, nor do I … Read more
What Is the Sharia Ruling on Money Earned from Bank Interest (Riba al-Bunuk)? QuestionSalamu alaykum, I hope you are well.I would like to ask about money kept in the bank when a person receives extra money from the bank, known as riba al-bunuk (bank interest). What is the Sharia ruling in this case? Is the … Read more
Is It Permissible to Keep, Use, or Donate Profits from a Shariah-Screened Investment ETF? QuestionSalaam alaikum warahmatullah wabarakaatu. I invested some money into an investment that claims to be halal and that it “complies with Shariah law and excludes companies deriving more than 5% of their income from alcohol, tobacco, pork-related products, weapons, conventional banking … Read more
Is a Contractor Required to Credit the Fair Market Value of a Deleted Item, or Only What He Actually Budgeted? QuestionSalam. A person submits a quote for a construction project based on a set of drawings. The drawings include item X. Later the client decides to cancel item X from the scope. He asks for … Read more
Do I Have to Pay Zakah on Money I Loaned to Others, and What If the Borrower Cannot Repay? QuestionDo I have to pay zakah on a loan that I have loaned to people? And what if they cannot pay it back and they are poor? Do I have to pay zakah on it? Can … Read more
Is It Permissible to Purchase Company Shares When the Company Provides Supply-Chain Analytics? QuestionAs Salam U Alaikum,i wanna ask you about the permissibility of buying stock/equity that my company is offering me. Below is a simple explanation of what my company does. Everstream Analytics provides supply-chain risk forecasting for companies (weather risk, shipping delays, political … Read more
What Is the Ruling on Interest Earned from Everyday Savings Accounts in Banks Like TD? QuestionWhat is the ruling on interest from Everyday Savings Accounts with banks such as TD?I recently opened a savings account to keep my money organized, but I do not want to deposit anything until I know the ruling. The bank … Read more
Is Lead Generation for Mortgage Agents Permissible, and What Should Be Done With Past Income? QuestionIn the Name of Allah, the Most Gracious, the Most Merciful.Peace, mercy, and blessings of Allah be upon you. My name is Abdul Samad. I live in Pakistan but run an online lead-generation and marketing business in Canada. My work … Read more
Is a Builder Allowed to Take on a Construction Project When the Client Is Financing It Through an Interest-Based Bank Loan? QuestionA brother in construction is asking: if he knows or is almost certain that his client is obtaining an interest-based loan from a conventional bank to finance the construction, is it permissible for him … Read more
Is It Permissible to Purchase Short-Term Event Insurance to Rent a Hall for a Sisters-Only Gathering? QuestionAsalamou aleykoum,I’m planning a small sister-only gathering to celebrate moving into my husband’s home after my nikkah. My current apartment is too small to host everyone, so I’m looking into renting a small hall. Most venues I’ve found require … Read more
Is a TFSA (Tax-Free Savings Account) Permissible in Islam? QuestionIs a TFSA account haram? I read that it helps you avoid paying taxes on your savings, but since the bank invests that money and adds interest to it, is it still permissible to use? AnswerAlhamdulillah, wassalatu wassalamu ala rasulillah, wa ala alihi wa sahbihi ajma‘in. … Read more
Is It Permissible to Take a Conventional Mortgage in Cases of Severe Hardship? Questionبسم الله الرحمن الرحيمAs-salamu alaykum wa rahmatullahi wa barakatuh, I have always tried to avoid interest and refused to apply for a conventional mortgage, as riba is prohibited in Islam. I applied for an Islamic mortgage, but I was only approved for … Read more
Car Financing Through Toyota: Bank vs. In-House QuestionAssalamu Alaikum wa Rahmatullahi wa Barakatuh,I recently went to Toyota to finance a car. They told me they will give me the car through financing, and the monthly payments include interest. They said the price of the car will not change, but there will be interest added. My … Read more
Professional Liability Insurance for Dietitians in Canada QuestionAssalam alaikum wa rahmatullahi wa barakatuh! I was wondering if you are familiar with services that provide professional liability insurance for dietitians in Canada that aligns with Islamic principles (takaful). In order to have and to maintain the permit of dietitians, it entails the following rules: College of … Read more
QuestionIs Servus Halal, which has started launching in Alberta, a Murabaha or Musharakah product? What are the terms? AnswerAlhamdulillah, wassalatu wassalamu ala rasulillah, wa ala alihi wa sahbihi ajmain. What Servus Halal Is Key Terms of Servus Halal Mortgage Product Compliance with AAOIFI Standards Servus Halal has been structured in compliance with the standards of … Read more
QuestionWhat is the ruling on investing in stocks? AnswerAlhamdulillah, wassalatu wassalamu ala rasulillah, wa ala alihi wa sahbihi ajmain. The General Principle The usul principle is: “Al-asl fi al-mu‘amalat al-ibahah” the default ruling in financial transactions is permissibility, unless there is clear evidence of prohibition. Therefore, investing in stocks is permissible in principle, provided the … Read more
QuestionAs-salamu alaykum wa rahmatullahi wa barakatuh. I have a question about tenant’s (renter’s) insurance. If a landlord requires tenant’s insurance as a condition for renting an apartment, are we allowed to purchase it? And is tenant’s insurance considered a necessity for living in a rental property in Edmonton? Jazakumullahu khayran. AnswerAlhamdulillah, wassalatu wassalamu ala rasulillah, … Read more
QuestionSalam, I was told it was required to get the lowest coverage insurance for my vehicle in Canada because insurance is haram. When leasing or financing a vehicle it is required to obtain full coverage insurance by the company leasing or financing the car to you. Question #1 – Is obtaining full coverage insurance for … Read more
QuestionSalam, I would like to know if working as a salesman at a car dealership is haram? Please let me know. Jazakallahu khayran. AnswerAlhamdulillah, wassalatu wassalamu ‘ala rasoolillah, wa ‘ala alihi wa sahbihi ajma‘in. The ruling depends on the type of sales and financing that the dealership uses. Islamic jurisprudence distinguishes between permissible trade and … Read more
QuestionCan interest earned be used to pay off debt? AnswerAlhamdulillah, wassalatu wassalamu ‘ala rasoolillah, wa ‘ala alihi wa sahbihi ajma‘in. Earning interest (riba) is haram, and a Muslim should avoid placing his wealth where it accrues interest whenever possible. The Prophet ﷺ cursed the one who consumes riba, the one who pays it, the one … Read more
Question I am seeking a religious ruling on using a line of credit for educationI am a dentist living in Canada and I wish to start the Canadian dental equivalency process. In order to register for my first exam and the preparation course, I need a significant amount of money.I previously worked as a dental … Read more
QuestionWhat is the ruling on purchasing full (comprehensive) insurance in Islam? AnswerAlhamdulillah, wassalatu wassalamu ‘ala rasoolillah, wa ‘ala alihi wa sahbihi ajma‘in. Insurance is a modern financial product that did not exist in classical fiqh, so the scholars have had to analyze it according to the principles of Shariah. Full or “comprehensive” insurance covers not … Read more
Question:What is the ruling on working in the Human Resources (HR) department of a conventional bank? Answer: Alhamdulillah, wassalatu wassalamu ‘ala rasulillah, Riba (usury/interest) is categorically forbidden in Islam, by Qur’an, Sunnah, and ijma‘. The Prophet ﷺ cursed the one who consumes riba, the one who pays it, the one who records it, and those … Read more
QuestionI lent someone some money. I paid $1000 Canadian Dollars through an app, and he received about 190,000 Pakistani Rupees. Now, he wants to pay me back and I’m in Pakistan, so he will pay me in Rupees. But the value in Rupees changed, and now it’s around 205,000 Rupees to $1000. My question is: … Read more