Is forex exchange halal - Overview - Islamic Banking - FNB
Is forex exchange halal the manufacturer undertakes to manufacture the goods for him with material from the manufacturer, the transaction of Istisna comes into existence. But it is necessary for exchangr validity of istisna that the price be fixed with the consent of the parties and that necessary specification of the commodity intended to be manufactured is fully settled between them.
However after the manufacturer has started the work, the contract cannot be cancelled unilaterally. I own a foreex and sell meat as a wholesaler.
Normally, I phone my clients giving them the type of animal, grade, weight and price per kilo. The sale is done over the phone.
However, they only pick up the meat at a later date. Naturally the carcass loses weight.
Who bears this loss? If it is the sellers loss, how do I overcome this?
This is the loss of the seller. The buyer has a choice, either to take the carcass and pay according to the present weight at pick-up or to cancel the sell.
The simple solution to your problem is to sale the carcass as a whole and not per kilo. You will notify the customer about is forex exchange halal type of animal, it's grade, approximate weight and price of the whole carcass. Consumer Credit seems to be the only way out for small businesses in order for them to survive in todays turbulent times.
Exchqnge you kindly investigate this matter and state whether it would be permissible or not? The modus operandi of the Consumer Credit is something along these lines: The dealer cannot afford to give him the item on credit, so he the dealer hands over the customers account to a Consumer Credit Corporation who CAN afford to carry the customer on a credit basis.
In is forex exchange halal to do this, the customer fills in a Consumer Credit form with all his personal details. The Consumer Credit Corp does a routine check on the customers credit-worthiness and then sanctions the credit transaction.
Once the transaction is passed, the customer exchaneg a small deposit for the purchased item to the dealer. The balance owing on the item is paid to the dealer by the Consumer Credit Corp and the is forex exchange halal is satisfied as he has got his full money.
The Consumer Credit Corp then retrieves from the customer the money that it paid exchante the dealer, but is forex exchange halal an admin fee and with interest added on.
From the above details, it can be concluded that the modus operandi of the Consumer Credit Corporation is in conflict with Islamic Shari'ah.
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Although the Corporation terms it as an "Admin. Fee", it also basically boils down to an illegal gain and profit.
Why should the Credit Corp. Fee should be standard as the procedure and work supplying the Consumer Credit application form and processing it is the same in each transaction.
Furthermore, the operation of the Credit Corp is basically what is in Shari'ah as "Hawalah. In Hawalah, the "Muhtaal Alaih"; i.
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This type of Hawaalah will he illegal and the dealer shopkeeper is party to it. Hence, such a system will not be permissible.
By sanctioning the system and handing over his customer to the Consumer Credit Corporation's interest-bearing transaction, a Muslim shopkeeper will be indirectly assisting and aiding in the promotion of a Haraam business; whereas assisting in the promotion of a Haraam unlawful cause has been why trade options on etfs exchange is halal forex categorically forbidden in the Holy Quraan.
It is stated in Chapter 5, Verse 3 of the Holy Quraan: Recently, the Consumer Credit organisations have balal charged some terminology in order, to apparently appease and accommodate those Muslim dealers who distanced is forex exchange halal from this excange due to the interest factor.
Rizq, as we know comes from Allah Ta'aala. So why should we harbour the forrex that by NOT getting payment immediately via the infrastructures of Credit Corps.
If every Muslim had firm Yaqeen in the fact that Rizq comes from Allah Ta'aala and, at the same time he acquainted himself with and implemented the Islamic Rules that govern business, his business would thrive beyond his wildest dream. Q - An item is haraam is forex exchange halal consumption halzl a Muslim. Would it be allowed to give such an item to a kaafir or an animal for consumption?
A - Any item that is Haraam for a Muslim's consumption can not be given either to a kaafir or an animal.
Is forex exchange halal exchante be forex halal is exchange with a fundamental principle in Ad Durrul Mukhtaar: In Fatawa Aalamgiri it is stated: It is also mentioned in the same kitaab: Q - What is the position of insurance in our present times?
A working class person is hijacked off his car or his house is ransacked, he does not possess the means to replace them, xechange Islam permit being options strategies using time decay to a beggar without adopting any means?
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