Dear scholars, as-Salamu `alaykum. Kindly furnish me with Islamic views on insurance, is it a permissible transaction? Jazakum Allah khayran.
What is the ruling regarding option trading and the nature of its contracts from an Islamic perspective?
As-salamu `alaykum,What are the allowable forms of money according to the guidance of the Qur'an and the teachings the Messenger of Allah (peace and blessings be upon him)?Are central banks permissible? If money is allowed to be only in the forms allowed by Almighty Allah and His Messenger, will a central bank be necessary?It is money that determines the types of economies and economic structures a nation and the world may have. We now have the central bank, which loans money to the governments. This is why we are indebted. Every currency in the economy comes either from the governments owing money to the central bank or from private citizens owing money to the neighborhood bank.Money in the system comes either from a printing press or from a computer keyboard. That is why we have inflation: There is too much money in the system, and thus the prices rise because the sellers of merchandise see all the excess money and they increase prices in order that they may have some of it.The fundamental point is that the money is added to what is already there, and it is lent with interest, which leads to the necessity to print or type more money. The Islamic system of money is what I am asking about. And if you would grant me the barakah, what are the nuts and bolts of the Islamic system of money and economics?May Allah confer His mercy upon you! Jazakum Allahukhayran.
As-Salamu `alaykum. Why is it haram to have a mortgage? What alternative would you suggest to people wishing to own there own place? If there are no Islamic banks, so in such a situation why can we not take a mortgage? I personally see renting as "dead money", at the end of the day what you are paying for is not yours. What is your opinion?
I would like to know whether borrowing money from banks to do business is halal or not?
I would like to know about the different types of Riba: Riba Al-Jahiliyyah, Riba Al-Fadl, and Riba An-Nasee’ah. What is the difference between them? Thank You!
Dear respected sheikhs, as-salamu `alaykum.thank you for taking the time to answer my question. I would like to know if banking was known at the time of Prophet Muhammad (peace and blessings be upon him). What kind of commercial activities were carried out at that time?Jazakum Allah khayran.