Search Islamic Finance Answers

1,000+ scholar-approved answers and growing...

Browse one of the world's largest database of Islamic finance Q&As available online.

Search Results

Shariah-Board Approval
(i) If a conventional bank borrows funds from an Islamic bank with excess funds for 30 days based on an FX Commodity Murabaha, will the conventional bank require a Shariah board? (ii) A bank short of funds in the FX Commodity Murabaha is involved in both conventional and Islamic banking. If its conventional banking arm borrows ...
 
What is a Shariah Audit
A Shariah audit is a review of a bank's products and transactions in light of the Shariah, usually c...
 
Misappropriation In Childhood
It is obligatory for one to return items ...
 
Change In Market Value Of Misappropriated Goods
The one who misappropriated is not responsible for cha...
 
Compensation For Deriving Benefit From Wrongfully Taken Property
It is obligatory to monetarily compensate individuals or institutions to the extent that one benefits from the wrongdoing; children or the insane who misappropriate are...
 
Informing Owner Of Misappropriated Property Upon Return
When returning misappropriated property, it is not a condition that the taker inform the owner that the property had been misappropriated; rather, the propert...
 
Returning Wrongfully Acquired Property
It is obligatory to return wrongfully taken property to the rightful owner as soon as one is able, even if at one's own expense assuming no harm comes to one's own or another's life or property. The one who misappropriated is obligated to make every kind of reasonable effort to return the property (or its equivalent market value, if applicable) to the rightful owner. The one w...
 
Permissibility Of Charge Card
For the avoidance of doubt, by charge card we mean a credit accessing instrument for which the debt incurred is to be paid off to the bank within a month's time. The charge card does not provide a revolving credit facility and the card holder is obliged to repay within a stipulated period. If the card holder delays payment beyond the established period of free credit, an interest amount is imposed. The bank does not charge any percentage on purchases but receives a percentage commission from the party accepting the card for purchases made by the card holder. The bank charges its client a merchant service fee. In Islamic finance, the charge card is permis...
 
Prohibition Of Credit Card In Islamic Finance
It is not permissible for an institution to issue credit cards that provide an interest bearing...
 
Permissibility Of Debit Card In Islamic Finance
The use of a debit card is permissible provided the user does not exceed the available balance. This avoids any resulting interest charges. It is also permissible for the Islamic bank to charge an annual fee for pr...
 
  Previous  1   2   3   4   5   6   7   8   9   10  Next 


Disclaimer: Although care has been taken in preparing the information contained in this Q&A database, Ethica Institute of Islamic Finance cannot guarantee the accuracy thereof. Anyone using the information does so at their own risk and shall be deemed to indemnify Ethica Institute of Islamic Finance from any and all injury or damage arising from such use. One should double check with a qualified scholar to see whether the Q&A applies to one's particular situation.

 

Ask an Islamic Finance Question

Each question is reviewed by an Islamic finance expert and approved by a scholar.

Ask Now »

SEARCH ISLAMIC FINANCE Q&As

Browse one of the world's largest database of Islamic finance Q&As available online.

View details »

What’s New at Ethica

Press releases, live events, book recommendations, discount offers, and more

View details »