Browsing Posts in Islamic Finance

Question: I have a question about inheritance. One day I went to the bank with my father an he was opening up an account, the man asked him who do you want your money to goto in case you passway. He pointed to me and said my daughter. Is this my money or is it included in the inheritance.

Answer:

All praise is due to Allah.

It is not allowed for a father to bequeath certain parts of his inheritance to one or more of his relatives. The Prophet, sallallahu alayhi wa sallam, stated: “la wassiyata lil warith”, “There is no bequest to an inheritor.”

Rather, the distribution of wealth must be in accordance to Islamic Law. Allah says regarding the inheritance, “It is an obligation from Allah.” There are fixed portions assigned to each of one’s close relatives and rules of how the inheritance is distributed.

The father may give 1/3 of his inheritance to charity or to someone who will not normally inherit. As for this bank account, you should only gain from it what is part of your allotted share.

May Allah most high reward you with goodness.

Wassalam,

Question:

Can you give Sadaqah / Zakat to non-Muslims even if they have no inclination towards being accepting Islam . They may not dislike islam but not interested in accepting Islam.

Answer:

All praise is due to Allah.

May Allah reward you dear brother for your question. One of the categories to whom we may pay our Zakah are those whose hearts are to be reconciled with Islam (al-mua’lafati qulubuhum).

The Fuqaha state that this category of people are either new Muslims who are yet to become firm in their faith, or non-Muslims whose hearts would be attracted to Islam if given this charity.

The determination of which non-Muslims should be given the zakah was generally made by the Caliph. Sayyidna Umar, may Allah be pleased with him, felt that the Ummah had become strong enough in his time that it was no longer needed to spend Zakah on this category.

Giving zakat or sadaqa to non-Muslims through food, etc can have a very beneficial effect of attracting them to the deen.

In all cases, Zakah or Sadaqah should not be given to those who will use it to disobey Allah or to advance the cause of disbelief.

And Allah knows best.

Question:

Can we open bank accounts, and use credit cards?

Answer:

Generally speaking, the ulema have said one should avoid
these actions, as they aid in haram (riba). Some of the ulema (like bin baz)
have given the ruling that one is given a leeway (rukhsa) under certain
circumstances, if it is a neccessity and one would face difficulty without
doing it. The leeways vary in accordance to the degree of difficulty,
like starvation for eating pork, and “zero” difficulty for shortening the salat while travelling.

In the case of bank accounts and credit cards, some of the ulema have ruled in the case of
difficulties such as the difficulty of transferring wealth, or in safeguarding
wealth in the case that there is a good chance it would be stolen, one would be
given a leeway to deposit the wealth in the account, however not for a prolonged
time.  See the chapter on rulings for banks, in the book Fatawa Islamiyah, volume 3 . 

Some of the ulema have expressed their liking to use a “debit” cards
instead of “credit” cards.

It is incumbant for everyone to listen and learn from the Rukhass (leeways) that the
ulema explain to us, and not be arrogant, antagonist, and extremist. The ulema
are the people of knowledge, and they are teaching the correct explanation of the
sayings of prophet Muhammed, may Allah’s peace and blessings be upon him, and the
commandments of Allah.

And Allah knows best.

–Shaikh Sajid

Question:

If some one or government lends you some money which is the price of some
good today and we return the money as the cost of that good at the time we
return (which is a different amount), is this considered riba?

Answer:

A cash loan has to be repaid in kind, in exactly the same amount and
currency that was given. However, if they goverment wants to sell you
something, and you pay them on a delayed payment schedule, that is
allowed.

It seems from your question that there is more than one transaction taking place in this exchange. What is prohibited is any loan that brings a guaranteed return or benefit to the lender.

And Allah knows best.

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