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MRA Tax Relief

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 …

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Shariah Private Investors Club – Malawi

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 …

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CURRENCY FORWARD EXCHANGE

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 …

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INTEREST MONEY FOR SUBSIDISING FEES

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 …

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DECISIONS ON VOTE BASIS IN PARTNERSHIP

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 …

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PARTNERSHIP DISPUTE – SPLIT

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 …

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PROFIT SHARE AS % OF CAPITAL

Question: Person A gives person B $100,000 as he needs them for business. Person A tells him that here take the money, but I will be entitled to a profit of 25% of the capital. I will also bear any losses incurred in the business, is this allowed? So for …

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COMMISSION FROM FINANCE CO.

Question: Salaam-O-Leukum I hope all is well. I have been advised I can email your company for advise. I have recently started looking into a new business venture along side the existing business where we sell cars to the general public. Most of our clients buy the cars with their …

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