Jitu COIN 8POOL

Question:  There is a contract here to purchase a car where you pay in installments and then after say 3 years you have the option to purchase the car for a lump sum or give the car back. Is such a contract allowed? So you pay in installments but its not yours until you get to this last payment? Answer Firstly, if the agreement is such that you lease the car for a period of 3 years and during this you pay the monthly rent to the company and at the end of the 3 year period you have the option to return the car or purchase the car at a price.  Such a type of contract is allowed as this contract is essentially a rent contract followed by the option to purchase or return the car to the company. There is a single rent contract that exists in this case and once the period of rent ends then you have the option to either return the car or purchase i.e there is no contract upon the aspect or purchasing the car and therefore this is permissible.  The prophet (saw) said إنّما البيع ...

Explanation of Chapter 12-17 from The Book of Business from Jami` at-Tirmidhi ( كتاب البيوع عن رسول الله صلى الله عليه وسلم ) Chapter 12: What Has Been Related About It Being Disliked To Meet The Owners Of The Goods Chapter 13: What Has Been Related About 'The Dweller Of A Town is Not To Sell On Behalf Of The Bedouin Chapter 14: What Has Been Related About The Prohibition Of Muhaqalah and Muzabanah Chapter 15: What Has Been Related About It Being Disliked To Sell Fruits Until They Began To Blossom Chapter 16: What Has Been Related About The Sale Of Habalil-Habalah Chapter 17: What Has Been Related About: Sales of Gharar

The following is the translation of an answer by Ustadh Abu Khaled al-Hejazi, please refer to the Arabic original for exact meanings. Question What is the rule on receiving ‘ cashback ’ from electronic wallets or payment wallets? Many of the electronic wallets give a cashback of 5% and sometimes even more upon using their wallets to make payments such as the electricity bill and so on, is this ‘cashback’ considered from Riba? In addition to this when these electronic wallets are recharged, we receive more than the amount we recharge for. For eg, if we recharge the payment wallet for 100 Riyals we receive 110 Riyals in our electronic wallet, is this additional amount riba, this is while keeping in consideration the fact that these wallets are not banks. Answer The  electronic wallet is a digital application which organizes payments digitally,  and it includes a wallet which stores the users details in an encrypted form on the application or the server of the payment wallet comp...

Questions :                                                              Assalamu Alaikum Wa Rahmatullah Wa Barakatuhu our Ameer, may Allah elevate you and bring victory to this Ummah by your hands. If I may, I have two questions: The first: In your Answer to the Question to a brother regarding stocks, you said in the Answer: If you give authority to your mother who is kaffir to sell the shares after you learned that they (stocks) are forbidden, in a certain period, then you must dispose of the profits of your shares in this specific period by spending them in the interest of the Muslims. What is the evidence that he should put it in the interest of the Muslims as long as he is not the o...

The following is the translation of an Ijtihad by Ustadh Abu Khaled al-Hejazi, please refer to the Arabic original for exact meanings. Today, Bitcoin and other cryptocurrencies are proposed as alternate currency models compared to the traditional currencies such as the Dollar, Riyal and euro, albeit there are some fundamental differences between the two and the most important being that cryptocurrencies are a digital currency that exist only on the Internet without having a physical or tangible existence to it. In addition to this there is no centralized organization that issues the currency and there is no real world asset that backs these currencies. The users of these currencies can purchase the currencies through Cryptocurrency exchange websites on the internet and they can also convert these currencies back into traditional currencies. Who issues cryptocurrencies? Contrary to traditional currencies which are generally backed by assets such as gold or by other stronger currencies, ...

The Muslim's handbook to understanding Islamic Economics & Financial Transactions  - Compilation of Q&A answered by Sheikh Ata bin Khaleel abu Rashta Istinarah Press Paperback, 430 pages This book has been compiled as a result of a need to have a handy guide to understand various issues related to Economics & Financial Transactions from the Shari’ perspective. Running over 430 pages, the subjects covered in the book include the  Ahkam  related to Zakah, Trade & Commerce,  Riba , Insurance, Employment, Hiring,  Muamalat , Loans & Debts, Land, Agriculture, Public & Private Property , currency, economic crisis and funds in the Khilafah.  And as time progresses and with the ever increasing call among the Muslims to reunite under a Khilafah where Islamic is implemented In a comprehensive manner, there is an increasing need for books to be written on crucial subjects so as to be to able to build within the Ummah, the right awareness and de...