Ruling on Debt Trading in Shariah
"Dayn" means "debt" and "Bai' " means sale. "Bai'-al-dain", therefore, connotes the sale of debt. According to Majalah al-ahkam al-adliyah, no 158 ; Dayn defines as the thing due i.e…
Islamic Banks & Shariah Scholars’ Fees
May 1 (Bloomberg) -- Sheikh Nizam Yaquby is the gatekeeper to the $1 trillion market for managing Muslim wealth. Yaquby, who lives in Bahrain, says he's on advisory boards of 40 finance…
How Islamic Bank Complying With Shariah?
Islam teaches Muslims how to conduct every aspect of their lives including financial and economic affairs. The Holy Qur'an makes it clear that entering into transactions that involve riba (or…
Riba (Usury): Today?s Practical Form and the Reasons Behind its Prohibition?
This writing will try to respond to all the questions raised. Firstly, one must have in mind that Allah, the Most Merciful, has stated clearly in the Quran: “ Those…