Category: Uncategorized

Question: Is it permissible to open a current account with a bank such as Triodos? Their current account has no interest, but the bank does charge a small monthly fee to cover the cost of running the account. Answer: الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب It is permissible for a bank to charge a […]

Question: Please could you advise if it permissible to join a local government pension scheme? The information I have from the scheme is that contributions are made from monies paid in by members and something  like 4% will come from investments and it is very difficult to breakdown the investments to determine which are permissible […]

Q: Is it permissible to pay for a Gold Safekeeping Facility for fixed monthly fee (charged in proportion to the weight of Gold that is safeguarded)? http://www.amanabank.lk/en/personalbanking/banking-services/gold-safekeeping-facility As outlined on the above site, this service also includes a facilty to borrow ’emergency cash’ secured against the safe kept gold. The bank has said that the […]

Question: When determining who is eligible for Zakat ,what information and verification is required?            Are any of the following acceptable methods of selecting Zakat recipients? Only ask the beneficiary, if they are eligible for Zakat? Ask the beneficiary for amount of savings, debts, income and expenditure to then calculate a rough eligility based on Nisab? Does […]

Q: What is Al Qalam’s position on investing in cryptocurrencies? A: Our scholars are currently conducting research into the issue of investing in cryptocurrencies and will release our official position in due course in’sha’Allah. Admin Al Qalam Shari’ah Panel

Question: Is Life Assurance Halal? I know it is used interchangeably with Life Insurance; however, they are not one and the same. life assurance typically covers you for your entire life and so is often known as ‘whole of life’ cover. Premiums for this type of cover tend to be more expensive than for life […]

Question: Is the Legal & General Ethical Pension Fund Permissible? https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=custom_field.www_landg_co_uk.factsheet_SHIFA&user=flweb&id=62fc2302-3833-4cfb-bafb-e8eff5176882&track1=68896048-52f1-40eb-a86c-3e1d119e18a3&track2=LegalAndGeneralAdviser Answer: الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب The LEGAL & GENERAL PENSION ETHICAL FUND in question invests nearly 30% in the interest based financial sector and thus it cannot be considered to comply with Islamic law. And Allah knows best, Mufti Mohammed Zubair […]

Question: 5 people, including Zayd, bought an investment property together. Zayd’s primary intention in buying the property is to generate income through receiving rent payments. He has not bought it with the intention to sell. Like Zayd, Zayd’s partners have bought the house with the intention to make money through rent that they will receive. However, […]

Question: Are trusts (where the legal and beneficial ownership of an asset are split) recognised in Islam? e.g. a house is in my name, but I’m holding it on trust for my brother? Answer: لجواب حامدا ومصليا ومسلما ومنه الصدق والصواب The split of legal and beneficial ownership does find some validity in Islamic jurisprudence. […]

Question: Can half of a pension fund be allocated to a family member, such that it doesn’t form part of estate for inheritance purposes?   Answer: الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب Any allocation of funds further to your death is effectively a bequest. A bequest cannot be made in favour of someone [like […]