1st December 2022
As salam alaykum respected shuyukh... I need a fiqhi answer to a financial issue...can you kindly please help me .. Jazakumullahu khayran... . Here is my question :
In February 2020, my husband and I invested money with one of his friends.
The basis of that investment initially was that, after every 3 months, we get 25 % profit of the amount of money invested. HIs activity was buying expensive cars at a cheaper price through channels, fixing them and reselling them for more. According to him, his business was successful and no mention of any risk or loss has been mentioned at that time.
After a couple of days, I realised that it was a form of ribaa to get a fixed amount so my husband contacted him to change the conditions of the deal, so this becomes halal.
We agreed on continuing on a basis of partnership, and on the fact that we may not make a fixed and expected profit, and that our profit will depend on how much profit he makes.
The brother sent to my husband this message :
“The percentage is based on 5.5% return more or less on 10K. That makes roughly around 5k up and down as profit based on the product value. This is an investment only and if you investing same amount roughly then it’s same figure roughly unless you invest more amount.”
After a year, my husband enquired about the investment and the brother informed him that he lost all the money. He invested the money in a different activity, which is importing or exporting cars to sell them. He told my husband that the cars he bought have been stolen on the journey, hence he lost all the money.
I have personally invested all my savings on the basis that the investment is sure and will generate profit. My husband also on his side invested a big amount. Now when we try to contact the brother, his answers are not clear, in the sense we don’t know when, how much and if he is going to give us our money back. Also, from his message, it seems that for him, giving the money back is not a must but rather out of his benevolence.
Now, more time passes and less he is willing to give the money back.
So my questions are :
Are we in our right to ask the money back and still consider this money as ours? Or is this money a debt upon him if he decides not to give them back?
Was it right for him to invest in another activity without consulting us?
Do we have to pay zakat al maal upon this money? (I am maliki, my husband is hanafi)
What do you advise as a solution?
Jazakumullahu khayran for your time and guidance.
28th September 2022
السلام عليكم و رحمةالله و بركاته
I am looking into buying a house and I am researching into few islamic finance providers.
In the mean time I came across this website.
I would like to have some guidance in the financial system offered by the following website.
Should a Muslim be pursuing it.
1st July 2022
I am doing a business for that i need go daily riba based bank for business transactions. Is it permissible?. Without bank i cant do that business now what can i do?
5th April 2022
I have a company which i sell hair brushes and these hair brushes their bristles are made out of boar and im not sure if its 10 % made from boar or 50 or etc but im just curious to know if i can still sell them and currently i have 300 brushes left jazakallah
23rd August 2021
Assalamualaikum warahmatullahi wabarakatuhu
I have a question regarding a career offer
I am a software engineer & I have got an offer in a company that is a neobank. unlike a conventional bank that earns using loan & interest, neobanks charge merchants fee on every transaction. The company does give out loans (and earns interest) but the majority of the profit it earns is through halal means (we checked their financial statements)
My role as a software engineer is to provide a platform that manages their data for analytical purposes. The purpose is not in my control and business can use it for all sorts of purposes e.g. to make their app better, detect fraud cases, and a lot more
Kindly advise if the offer is worth taking. Alhamdulillah the offer is very beneficial both learning wise and salary-wise and even if I work for 1-2 years, it will be helpful in my next job
27th March 2020
Assalam O Alaikum
We all know that as Muslim, Using alcohol or sharaab is strictly prohibited and Haraam in our religion.
I've a question. I do graphic designing and most of my clients are non Muslims from USA and other countries. Some clients ask me to make a logo for their business and they sale alcohol (Sharaab). So is it also haram to design or make a logo for a business that sales alcohol?
26th March 2020
Asslam u Alaikum
My question is, my aunt is a widower, she has a son (about 18 years of age) who does not earn much, she has two daughters. She has some money, will it be permissible for her to deposit that money in a bank and take profit. She has no other source of income.