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Further Discussion On Investiment In The So-called Islamic Banks

Dear brother, your answer[1] is not very clear. Firstly if Islamic Banks like Meezan are not fully Islamic then what is the fun of keeping money in them? You say leasing is acceptable and murabahah is not. Then how do we know that our money has been used in leasing only. In one of the TV shows a similar question was asked to Mr Ghamidi. He never commented on it to be half okay and half not. He simply said that no zakah is to be paid as 10% deduction has already been done. Please clarify this point as I placed my amount in this Bank for seven years after listening to Deen-O-Danish on Dunya TV. I want to be absolutely sure about my investments because I have to face Allah Almighty one day. I will be quoting you people on the day of resurrection. Now please tell me whether keeping money in these banks is Halal or not. They don’t give fix profit. They claim that they invest in Halal dealings. People like us can’t go and investigate them for that. We have to trust somebody when their is hardly any choice left these days.


[1] Reference is towards the following discussion: http://www.al-mawrid.org/pages/questions_english_detail.php?qid=524&cid=385

Answer:

Each one of us is accountable to the Almighty to perform to the best of his judgment. We make statements on religious issues as best as we understand without claiming that what we have stated is the absolute truth. You have to form your opinion and act accordingly on the basis of what you think is the correct view from the ones that are available.

Mr Ghamidi holds the opinion that murabaha is Islamically undesirable if…

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Investment In The So-called Islamic Banks

I have fifty million rupees deposited in Meezan Bank for seven years. My questions to Mr Javeed Ahmed Ghamidi follow:

a. Is this bank really working as per Sharī‘ah? They do not give fixed profit and claim that they do not invest our money in un-Islamic trades.

b. Do I have to pay the zakah on the original amount deposited and on the profit? Bank deducts 10% tax on my profit each month.

Answer:

What Islamic banks earn for you comes from primarily two sources: leasing and murabahah. While leasing is right from the Shari'ah point of view, murabahah is not. Therefore, if you get a return from an Islamic bank, half of the income is okay and half of it is not.

If you have done an investment which bears returns to you, zakah has to be paid on the returns and not the original investment. Therefore,…

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Does Giving Away The Earned Riba Render It Allowable?

It is said that interest earned on savings in bank account if given to deserving people is allowed in Islam and it does not fall within the ambit of riba. Pease comment on this view.

Answer:

We believe that giving away the money earned as interest does not change the nature of the income. A simple example can help us understand the issue. If a man robs someone and then helps an oppressed person that would not change the nature of the income he gave away. Similarly the money earned as riba remains riba even after being spent on worthy causes. It does not change its nature. However, by giving away…

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How To Distribute Inheritance?

A couple has a daughter and also brothers and sisters. I wanted to know how the property would be distributed among the potential heirs in case any or both of them die. What is the share of the step-brothers and step-sisters, if any?

Answer:

It should be appreciated that brothers, sisters, stepbrothers and stepsisters are not entitled to any share of the inheritance when children and parents of the deceased are alive. In case of death of any of the couple, the property will be disbursed according to the following order:


i. any liability of the deceased and any will he has left will be discharged first;

ii. shares of the parents and the spouse of the deceased…

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Making A Trust From One’s Legacy

I wish to establish a special trust for the benefit of my children. I intend to make a will with the conditions that all the property left over by me after my death shall not be sold or inherited but the rental income from the properties be distributed between my sons and daughters in the ratio of 2:1. According to this will, the daughters can benefit during their lifetime only and the offspring of my sons will be the only beneficiaries after my sons’ death. Finally in the event there are no more heirs from the family, the whole property be given for public cause. Can such a will be made? Is this proposal in accordance with the Shari‘ah? Please advise.

Answer:

According to the Islamic Shari‘ah the property of a deceased person has to be divided among certain relations which include parents and spouses as well. You have excluded them and also stopped the original benefit from going to your daughters for the Shari‘ah prescribes that they are given a certain share fully and permanently which cannot be limited to their life.


You have also denied the full rights of your children. There are other…

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Is Taking Interest Punishable?

I was thinking in terms of any Ta’zeer punishment or Hadd for the one who consumes riba, haram meat, meat of dead-haram animals as there were Hadd punishments for various acts in the Qur’an. Since there are very serious warnings for consuming riba (consuming), but without any worldly punishment.


If my understanding is right then please explain why it is hadd punishment for theft and not for riba? If there is some punishment for riba then will the Interest (riba) payer be equally treated with same punishment? Please note my question is regarding worldly punishment.

Answer:

The Islamic Shari'ah has prescribed punishments only for few crimes. A study of the issue would reveal that the punishments are mainly prescribed for the crimes where the victim is an individual or the society. There are numerous sins but few punishable crimes. For example there is no punishment for those who do not offer the Prayer or pay the zakah. This distinction is in fact considered in all the systems of the world. It…

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Inheritance And Testamentary Wills

We are two sisters (both married) without a brother. My parents are alive and own a house in Islamabad as well as some property in UK. My father has one sister and four brothers and his mother is alive too. He was sharing with me his will a while ago which says that after he expires, if our mother lives in the house which he has built for themselves, we, the sisters must do let her by buying the shares of my father's brothers as per Islamic inheritance laws. I would like to know what exactly does Islam prescribe in this case as it seems so cruel to me that my mother will have to vacate her house if she is unable to buy the share of my father's brothers. Could you please throw some light on this particular case?

Answer:

According to the Islamic Sharī’ah the brothers of a deceased have no share in inheritance. First the share of the wife and mother will be handed over to them and then the remaining part is divided among the daughters. However, daughters do not get all of it and they are entitled only to two third of the total. Now there remains a part which can go to brothers and sisters of the deceased if the…

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