Finance

Question: I never did Sehri and I am thinking to do my qadha fast today, is it possible to fast it if you haven’t eaten anything? Answer: In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. It is a condition for the validity of …

Question: Assalamu Alaikum Banks give interest in our bank accounts, so obviously that amount has to be taken out and given away to the poor. However, there is a tax on that interest. For example, if they give an interest amount of K20,000 , they deduct 20% of the interest …

Question: In Malawi most people pay by cheque to Islamic institution. The question is if I pay institution ABC 5,000,000.00 kwacha The institution has received 5,000,000.00 But I am get a 30 percent tax relief on this 5,000,000.00 from the tax people because they allow this as an expense and …

Question: Is the Shariah Bank here in Malawi permissible? I want to invest money in it. They have given me a form. Attached is the form. Pls advise. Answer: In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. We have studied the Shariah Private …

Question: We are in business of Products Production and Distribution. We are insured as a Third Party Motor Vehicle on our vans which goes for sales distribution. According to country law, Insurance on vehicle is mandatory. Third Party Insurance works as below: If our vehicle makes an accident and it …

YOUR BRIEF GUIDE TO ISLAMIC FINANCIAL INDICES MAHR: or dowry is one of the rights of the wife; a mandatory payment; in the form of money or possessions paid by the groom, to the bride at the time of Nikah (marriage). While the Mahr is often money, it can also …

Question: Assalaamu Alaikum Kindly advise on below transaction. I usually sell Malawian Kwacha in exchange of dollars payable after 3 months. So, for example A sells B K100 million at the exchange rate of $1=K1000, so B owes A $100,000. The Kwachas are given immediately. After 3 months, A asks …

Question: Assalaamu Alaikum we have a query on accumulated interest money. We are running a college for the indigenous malawians, and because they cant afford the full amount of fees and other expenses so for muslims it is subsidised by zakaat money and for non muslims by sadqa or lillah …

Question: assalaamu alaikum We are 8 people in equal partnership in our business. When we want to make decision on any issue, if 6 are in favour and 4 against, would the majority have the power to go ahead on the decision?   Answer: In the Name of Allah, the …

Question: Assalamualaikum Respected Mufti Saab I have a question regarding sharing wealth amongst brothers. We are 2 brothers and both of us where working but leaving together with our parents. My father was also working. After the death of my late father we got his dues from the company he …