Please could you give an islamic opinion on the following - would it be halal or haram. A stock broker said if a client credits their account with £3,500 they will enter into a prize draw which could pay say £10,000. The credit of £3.5k is not taken as fees or spent by the company. The £3.5k can remain dormant or be invested as normal. If the money is not invested it must remain for a minimum for 55 days. On day 56 they announce the winner, so if not successful you can withdraw the £3.5k...| IFG Islamic Finance Forum - Latest posts
AOA, My question is related to future trading and Salam contracts, I have been going through the research for a long time. As it is said that we are not allowed to make forward contracts in Islam but if we read the Salam contracts it says that forward contracts are allowed if they are properly written or agreed by the buyer and seller, so does this not make this factor halal? as the contract is defined clearly between the exchange and client? Looking forward to your response Kind regards Abdu...| IFG Islamic Finance Forum - Latest posts
So according to the Mufti he is saying since its an “option” for buyer to buy or sell the contract. If he does not buy thats the problematic part, which is totally understandable but wouldnt intention come into play as well. For example, you initiate the call with intention to sell no matter what and suppose it does not get sold then you just sell it in the market and buy the 100 stocks right back, that way you collect the premium and always go with the intention to sell. Sure, its not se...| IFG Islamic Finance Forum - Latest posts
Salaam, I have been offered a graduate job in Data Solutions for a company called Aon. From what I know, I’d be cleaning and processing data within pension schemes but not signing off any interest-based transactions. Here is a link to the job description: Data Solutions (Wealth Solutions) Graduate Programme 2025 - Aon | Bright Network Is this halal? I follow the Hanafi fiqh. Jzk| IFG Islamic Finance Forum - Latest posts
Assalaamu Alaikum, We have 5 partners in the business and I am the only muslim. I have been allocated around £1000 as my share of the interest received in our work business bank account. I have paid £450 tax on this . So do I donate the £550 to charity (to dispose off impure wealth) or do I donate the entire £1000 ? If I donate the entire amount of £1000 and I gift aid donation, charity will receive 1250 and I will get back £250 (25% of 1250) through next year’s tax returns. Do I need...| IFG Islamic Finance Forum - Latest posts
Asalaamalaykum, If somoene is settling final payments with Islamic finance provider in the UK and their current finance is on the names of both husband and wife. Wife doesn’t earn because she looks after family at home. While completing paperwork, qustion being asked from Solicitor to chose House Ownership between “Beneficial Joint Tenancy” vs “Tenancy in Common”. Is there any restrictions on one of these? Which one is recommended/preferred/not preferred from Islamic perspective and...| IFG Islamic Finance Forum - Latest posts
Assalaamu Alaykum. What about Health insurance TPA companies from India where health insurance is not mandatory and shariah-compliant insurances are not followed? Can i work there for the same role and responsibilities mentioned by Dr Asad?| IFG Islamic Finance Forum - Latest posts
wa alaikumus salaam, The above website has many scholarships, but will have to be filtered for eligibility. Many bursary/scholarship programmes require to have 2 years of study remaining, and you will likely have already been made aware of funding available from your university.| IFG Islamic Finance Forum - Latest posts
I’m a 2nd year student at uni and have received an offer from a major hedge fund to intern in their operations fixed income valuations role. Having read the “Is my job haram?” article by Ibrahim Khan, I am still unsure. The role is only an internship (likely to convert to a full time role), involves creating yield curves (interest rate graphs), pricing bonds, options, derivatives etc. Which are then used by the front office to come up with ideas on what to buy/sell within fixed income. ...| IFG Islamic Finance Forum - Latest posts
Is the $Hood memecoin halal? When theres certainty it will increase in value and then taking the profit out ? I was given an argument that if because it can be traded for money its worth that amount in any currency so im not sure. Please let me know mufti| IFG Islamic Finance Forum - Latest posts
Assalamu Aleikum, My name is Ibraheem and I am a student in Perth Western Australia majoring in Finance, interested in consulting asset management and investment banking. There is a firm called Azure Capital who are an M&A boutique, however I am unsure as to wether I am able to work there or not, takinf into consideration that I wish to work in an M&A adivisory role. Thank you.| IFG Islamic Finance Forum - Latest posts
Salam everyone, I’m seeking some guidance regarding my current job. I work as a door-to-door salesman for a home security company. The product itself is obviously permissible (helping people secure their homes). However, most of our customers end up financing their security system contracts, and those financing plans include interest. My role is to pitch the product, explain their options (including the interest-based financing), and then if the customer wants to proceed, another person (...| IFG Islamic Finance Forum - Latest posts
Dear Mufits @Mufti_Faraz_Adam and @Mufti_Billal, your opinion on this is much appreciated as I am facing the same concern.| IFG Islamic Finance Forum - Latest posts
Assalamu Alaikum, I am currently exploring options to purchase a car in a halal way, as I want Allah’s blessings on my assets. However, given India’s lack of Islamic banking systems, the conventional bank loan option is not permissible. I came across the leasing options provided by Maruti Suzuki through Quicklyz, which is owned by Mahindra Finance. The leasing plan includes a buyback option, which aligns with my goal of eventually owning the car. As I understand, the lease involves rentin...| IFG Islamic Finance Forum - Latest posts
Assalamualaikum, I might be taking a job in a software company that develops and offers as its main product (among a couple more) a debt collection system for debt collection agencies, banks, insurance, hospitals etc. The main software essentially allows to keep track of debt collectors and allow for calling (VoIP etc) and tracking the debtors. The job I might be obtaining is in the IT infrastructure of the company including some servers in data centres where the clients can host the software...| IFG Islamic Finance Forum - Latest posts
Alsalaam-u-alaikum, Is there any update on the view of Mufti Faraz Adam regarding HP, PCP contracts? Keenly looking forward to that. Jazakallah| IFG Islamic Finance Forum - Latest posts
How can this be permissible as in this case he is benefiting from haram interest money. It is like him paying taxes with interests. @ibrahimkhan@Mufti_Faraz_Adam| IFG Islamic Finance Forum - Latest posts
AssalamuAlykum, I work in UAE, and recently I have seen lots of promotion going for plus500 app for trading and they have option to open Islamic account for trading, since it’s islamic account there is no overnight funding fee. They do have leverage as follows: Commodities - Up to 1:150 Forex - Up to 1:300 Indices - Up to 1:150 Shares - Up to 1:20 Options - Up to 1:5 ETFs- Up to 1:100 Cryptocurrencies- Up to 1:5 I would like to know if I can trade with this trading platform since it’s Isl...| IFG Islamic Finance Forum - Latest posts
Salam! I would like to know whether it would be permissible to work at a Financial Data Company like Bloomberg at the Sales & Analytics department or as a Software Engineer? Based on some research online and after talking to some people that work there, it seems that most of their clients are investment Banks, and the data has high chances to be mixed with haram stocks and bonds. Source: Investopedia Btw I’m specifically referring to their side of business that sells Financial data, not the...| IFG Islamic Finance Forum - Latest posts
I communicated with Kraken support regarding their staking/rewards (whatever that was) system, but they refused to disclose where the proceeds came from. So I decided to stay away from them.| IFG Islamic Finance Forum - Latest posts
Salam Mufti. I was wondering if working as an Investment Analyst at World Bank/Asian Development Bank/Asian Infrastructure Bank halal? I am attaching the JD below for your consideration. https://www.impactpool.org/jobs/1129208?utm_source=impactpool-job-opportunities&utm_medium=email&utm_campaign=job-alerts-2025-01-08| IFG Islamic Finance Forum - Latest posts
Assalamu Alaikum, Apologies if this isn’t the right place to be posting this. I’m in the market for a new position and wanted clarity on whether working at financial institutions that don’t specialize in either investment banking or conventional banking is permissible. Two companies that come to mind are Brookfield Asset Management and State Street Corporation. I want to clarify that the roles I’m looking at are in cybersecurity and have nothing to do with finance. @Mufti_Faraz_Adam@M...| IFG Islamic Finance Forum - Latest posts
Does freelancing on fiverr halal.I am canva designer.i will not use any haram element like alcohol or other.i ask about fiverr because fiverr is Israeli company which supports israel and israel do very bad with the muslims of phalestine| IFG Islamic Finance Forum - Latest posts
I work as a assistant accountant for a marketing firm. One of my task is processing invoices into the system. Generally suppliers are not strict with timings, and even if you missed deadline to pay they dont really mind. This one supplier has charged a late fee. Is it permissible for me to process this payment? I know late fees are generally riba but if there is an agreement between the company and this vendor, that late payments will result in a penalty, is it really an issue? alternatively,...| IFG Islamic Finance Forum - Latest posts
Hi there Ibrahim I wanted to ask are you hanafi and what was harder aalim or hifz and what do you think is the best job you would personally do if didn’t teach Islamic finance like recommend to your kids for future etc or nephews and why is uae better then saudi,Qatar,Oman and Malaysia for hijrah and nice safe family protected high quality of life good education and healthcare jazakallah khairan| IFG Islamic Finance Forum - Latest posts
My friend and I want to make a 50% partnership in a business, however my friend has funds scarcity, Is it fine that I give him a loan ( interest free) and he uses that money to make the investment in same business. Once he earns, he can start returning my loan. We will have two seprate independent agreements. one for loan and other for partnership investment.| IFG Islamic Finance Forum - Latest posts
The Hedera coin is a utility coin that is used for payments on the Hedera Network. My question is if it entails any issue with regards to its permissability? Extra question: When does buying and selling of stocks and shares of example tech companies become islamically an issue? Can I buy and sell as I wish? Jazak Allahu Khayr.| IFG Islamic Finance Forum - Latest posts
Salaam, I was wondering if an answer in relation to this subject was shared? Is a person’s intention at the time of purchasing a cryptocurrency (like bitcoin) the critical element here then? i.e. if the individual considered it to be a currency, then limit orders (delayed delivery) are not permissible, whereas if they believed the token in question to be a digital asset, then a limit order is acceptable?| IFG Islamic Finance Forum - Latest posts
Salaams all, As per the latest newsletter, this is a thread to share some/all of your goals for the coming year for mutual inspiration and accountability. I’ll start: Spiritual Read Quran every day for at least 5 mins Pray at least 10 prayers in the mosque each week Recite dhikr after every fard salah mindfully (no multitasking) Pray salat al-Duha every day Physical Do at least one form of exercise everyday Do at least two weight sessions at the gym Stretch everyday Economic A. Financial Re...| IFG Islamic Finance Forum - Latest posts
Taking an interest free loan out with a credit card where they give me the ability to transfer X amount of money from my credit card limit to my personal bank account free of interest for a certain amount of months. I will be paying it back in time, to avoid but they charge a processing fee for this service typically 3-4% of the amount requested. Is this classed as riba?| IFG Islamic Finance Forum - Latest posts
Assalamualaikum, After completing my ACCA (IN SHA ALLAH), I need experience in accounting firms like Big 4. However, the problem with the Big 4 is that they might audit the financial reports of clients involved in riba. There is a Hadith of Prophet Muhammad ﷺ in which he cursed four categories of people, including those who witness riba and the one who records it. If I audit the financial reports of a client, wouldn’t that make me a witness to it? What do you suggest? Reference:| IFG Islamic Finance Forum - Latest posts
Salaam aleikum Im looking to do something stable with advancment potential to help my family, so am looking into tech apprenticeships as they are relatively easy to acquire (didnt go uni). I also want to earn a big salary for the same reason, so am looking at big tech and related companies. My issue with basically every big tech company is that they directly support israel’s military and/or police force, and i always see posts on being silent about genocide to save your job and i dont want ...| IFG Islamic Finance Forum - Latest posts
salam alaik i sell usdt to fait in okx p2p But sometimes the person who sends them the IQD will press the payment button after 3 to 5 minutes I can’t send money until that button is pressed Isn’t this delay a problem? It usually takes 2 minutes| IFG Islamic Finance Forum - Latest posts
Salaams if you want to invest for them but retain access, you could just simply invest in your own investment account and give them the proceeds when you’re ready. For options, we have a halal investments comparison page: Halal Investing UK - IFG There’s also an article Mohsin wrote about how he was thinking about saving and investing for his children that you may find helpful: Saving and Investing for Your Children- Muslim Finance | IFG — Islamic Finance Guru| IFG Islamic Finance Forum - Latest posts
Asalamualaykum, I work for an insurance company called Lancashire insurance, I work under there IT department and provide IT Support/infrastructure. The business Lancashire are a provider of global specialty insurance and reinsurance products operating in Bermuda, London, the U.S. and Australia, across three delivery platforms: rated company, Lloyd’s and collateralised security. There focus is on short-tail, specialty (re)insurance risks within four general segments: Property and casualty, ...| IFG Islamic Finance Forum - Latest posts
Assalamu Alaikum @Mufti_Billal@Mufti_Faraz_Adam, I have recently been offered an internship as an analyst at JP Morgan. I am only interested in this position to gain transferrable skills and experience in the financial industry. In’shaa’Allah I would like to use my experience to apply to jobs in Halal finance once I graduate. Could you please let me know whether I can accept this job offer? If not, will it be permissible for me to work if I give all my income as sadaqah? Please see the jo...| IFG Islamic Finance Forum - Latest posts
Assalamu Alaikum wa Rahmatullahi wa Barakatuh, I am a trader who works with prop firms and have doubts about the halal status of this practice. Below are my circumstances and questions: 1. I only trade currency pairs such as EUR/USD and GBP/USD via spot trading. I avoid haram instruments such as indices or shares of companies that are not halal. 2. I use my own analysis to place trades and do not take excessive risks. 3. I close my trades before roll-over to avoid interest (riba) and do not p...| IFG Islamic Finance Forum - Latest posts
Assalam o Alikum Mufti Sahib, I have opened a saving account and a 90 days notice account with Islamic bank in UK based on Mudarabah contract (so I am partner for a profit as well as lose as well in the business), where I am Rab-ul-Maal and bank is Mudarib. Bank’s business is buying property give it on rent and/or letting money for customers to buy property based on renting contract with them i.e. buying property and renting them. My question is, How will I give Zakat on money invested , Wi...| IFG Islamic Finance Forum - Latest posts
Assalamu-Alaikum! My name is Rahamt Ali. I am a professional website designer and developer. I have been working in this field for the last 5 years. Recently, I learned that uploading pictures of non-mahram women on websites is considered haram (forbidden). I try to filter content accordingly, but many times, I find myself in situations where uploading pictures of non-mahram women is necessary. In such cases, would my work be considered completely haram? Should I leave this aspect of my work?...| IFG Islamic Finance Forum - Latest posts
I recently came across the debate on the permissibility of participating in proof of stake networks within Islamic finance. As someone involved in audit and assurance services Pakistan , I believe it’s crucial to evaluate whether the underlying mechanisms align with Islamic principles. Given that proof of stake often involves earning rewards through staking tokens, it’s essential to analyze the economic implications and ensure they don’t fall under prohibited activities. Has anyone cons...| IFG Islamic Finance Forum - Latest posts
Assalamu Alaikum, I seek guidance regarding the permissibility of engaging in swing trading with cryptocurrencies on platforms like Bitget, specifically using the leveraged USDT-M futures with an isolated margin mode. My understanding is as follows: 1. Nature of Cryptocurrency: Some scholars view cryptocurrencies as permissible if they are used as a medium of exchange and store of value without engaging in speculative activities. 2. Leverage and Margin Trading: Trading with leverage involves ...| IFG Islamic Finance Forum
This is iA the most comprehensive resource for this question on the internet. We present views from Al Qalam, IslamQAorg, SeekersGuidance and then our resident expert Mufti Faraz Adam presents his views, and finally IFG present a commercial perspective on the matter. View One: Al Qalam rading in futures contracts does not comply with Shari‘ah requirements and so any remuneration earned for performing such activity is not halal. Essentially, a sale contract must be contracted at spot with de...| IFG Islamic Finance Forum
