A.

<p>The Islamic financial system is a wide subject and cannot be understood through an e-mail only. You may require to study many books and article on this subject to grab some of the gist.</p> <p>However, to answer your query I am writing some points: </p> <p>1. Banking is all about intermediation through providing money on the basis of "Lending on interest". So Conventional banks do not provide money except on the basis of interest they charge from the person/company, and for that reason these banks do not bear any risk (financial risk, business risk and natural risk etc.). They simply charge some amount over and above what they have loaned, irrespective of whether the borrower has faced a loss or not. </p> <p>2. Coming to Islamic banking, one thing is very clear about Islamic banks: they do not provide money to customer because charging any excess amount over the principle is "Interest" which is Haram and impermissible in Islam. So if they provide money to customer and charge some amount over and above it it would be Haram, and if they provide money and do not take any thing then how would they earn money and give return to their depositors? This is the main point to understand the gist of Islamic banking. </p> <p>3. To deal with this issue two opinions are there: One is that Islam does not provide any solution to replace present day Conventional banking system. Second is that being a last religion Islam certainly provide solution to replace the existing un-Islamic system. </p> <p>4. Those who do not have sufficient knowledge about present day economics and economic instructions of Islam are normally of the first opinion and they do not trust in any thing and effort made to develop an Islamic financial system. Very frankly I am not able to understand philosophy of these people. Because if all struggles towards establishing an Islamic financial system and its betterment are wrong then how would it be possible for Muslims to have an Islamically accepted economic system? Certainly some efforts can provide Islamic economic system and there should be a start to bring about real system in running. </p> <p>5. Islamic banks perform generically three type of financing: a)Trading, b) Leasing / rental services, c) partnership. Each mode of financing has other different types under its domain. a) Murabahah, b) Salam, c) Istisnaa, d) Musawamah are kinds of sale. Ijarah is Islamic leasing and a) Mudarabah, b) Musharakah, c) Musharakah Mutanaqisah (Declining Musharakah) are kinds of partnership. Islamic bank perform these kinds of operations to generate revenue. If it is a sale then they charge some profit on goods they acquired and sell it to customer. So Islamic banks generate their profit from means that are permissible and authorized by Islam.</p> <p>6. Another important feature of Islamic banking system is that this is an Asset-Based financing system which means there is no concept of merely lending of money with no consideration of assets. Instead, it is mandatory to have some specified and quantified assets transfered to customer in financing.</p> <p>7. Second important feature is risks and rewards distribution which means Islamic bank can not put themselves in isolation from the risks built in in a transaction. For example if there is a transaction of Islamic leasing (Ijarah) then it is mandatory for lessor to bear ownership related risks, he can not refuse to bear these risks, and in consequence of it when an Ijarah agreement takes place Islamic bank do not start charging rentals immediately after agreement, they start charging rentals after delivery of assets. On the contrary conventional leasing companies and banks start charging rentals immediately after agreements.</p>

A.

جواب: روایتی بینکوں میں اسلامی بینکاری شرعی اسکالی کی نگرانی میں آپریٹ ہوتی ہیں۔ اس لئے جس طریقے پر وہ فانسنگ کرتے ہیں وہ قابل قبول اور شرعی کمپلائنٹ ہے۔ مزید دیگر معلومات کے لئے،آپ کو ترجیحی طور متعلقہ بینک سے رابطہ کرنا چاہئے کیوں کہ ہمارے پاس اس کے پس منظر کے دستاویزات اور مصنوعات کے اسٹرکچر تک رسائی نہیں ہے۔

A.

<p>What you have perceived from different sources is incorrect. In fact, Conventional banking transactions have two elements of wrong nature, 1) Riba (Interest), 2) Impermissible ways of contracting and performing business. To explain what I want to say look at the banned activities, they are of two kinds: 1) Lending of money, 2) Asset based-financing or service provisioning. Lending on interest is absolutely Haram without any doubt. While doing asset-based financing, element of interest goes off but second element does not go aside and it makes the transaction void or impermissible.</p> <p>Leasing transaction of Conventional bank does not have element of Interest but the way the transaction is structured is not according to Shariah. As per Shariah, there is distribution of risk and reward (or rights and responsibilities) for owner and lessee. But no such mechanism is there in Conventional transactions. They treat all such transaction as money loaned to customer and keep ownership of the asset as security.</p>

A.

<p>Employment in Conventional banks is not allowed in Islam. Two things must be observed in performing duties and employment as per Islamic guidelines:</p> <ol> <li>The job should be Halal in nature.</li> <li>The person employed should perform his duties in acceptable manner which include honesty, attention and doing better for job.</li> </ol> <p>So, if a person performs a non-Halal job his employment is Haram, no matter whether he performs his job with honesty and attention. Therefore, job in a pub or casino is Haram whether you do your duties with honesty or not. Employment in Conventional banks is Haram so if you perform your duties with honesty it does not make your job Halal.</p>

A.

جواب: ایک مسلمان حلال(جائز) مقصد کے لئے غیر مسلم ملک جا سکتا ہے۔ غیر مسلم ملک میں تبلیغ کے مقاصد کے لئے جانا جائز ہے۔ آپ کی جانب بیان کی گئی کچھ لوگوں کی رائے غلط ہے۔

A.

انفراسٹرکچر کو معیار کے مطابق برقرار رکھنا بھی شریعت کا تقاضا ہے۔ لائسنس کچھ شرائط کے ساتھ دیئے جاتے ہیں جن کی تکمیل لازمی ہے۔ وہ لوگ جو ان شرائط پر عمل نہیں کرتے ہیں ، در حقیقت ، وہ گنہگار سرگرمیاں کرتے ہیں۔ کسی کاروبار میں سرمایہ کاری کا دارومدار اس کی حیثیت اسلام پر ہے۔ اگر آپ نے جو تفصیل لکھی ہے وہ صحیح ہے تو آپ کو ایسے کاروبار میں سرمایہ کاری کرنے کی اجازت نہیں ہے جو بے ایمانی پر چلتا ہے۔ کم وزن کی پالیسی حرام ہے۔ اللہ سبحانہ وتعالی نے سور activity التطویف (پارہ 30) میں اس سرگرمی کو بہت بری چیز قرار دیا ہے۔

A.

Yes, this is true for Conventional banking industry as their business is lending and borrowing money, the spread between this lending and borrowing is their "Earning". This earning is considered Haram in Islam.

A.

<p> The answer to this question may require much time to be understood thoroughly. I will try my best to make my point clear to you. You will agree that we are not living in an ideal environment for Islamization of whole system. Our whole life style is in contradiction with the instructions of Islam. Now, two possibilities are there:</p> <p>1. One is to wait for an ideal environment to be there so that any change can easily be adopted and the system smoothly converted to be Islamic one during a period of time; 2. The second option is to start stepping forward to have changes towards betterment and development.</p> <p>First option looks very nice and no doubt things should be like this. You may agree with a famous proverb “Easier said than done”, if things are so easy and changes take place so smoothly then we should call this world a “paradise”. Systems do not change according to wishes and Utopian thoughts. Instead, systems do take lot of time to change. History of every civilization is sufficient evidence for that. In early days of Islam changes have happened in the same manner, see at the prohibition of liquor, prohibition of interest, prohibition of talking during prayers and many other examples that lay down in front of us are the basis for changing systems.</p> <p>I would like to quote a Hadith in which it has been narrated that a person came to Holy prophet (SAWS) and said: “ I have some bad habits: laying, theft and drinking, I can leave only one, advise me which should I leave?”. The answer given by Holy profit (SAWS) gives us a theoretical base to make changes happen in constant and productive manners. He (SAWS) said: “just don't lie!”. The person went and tried to drink and steal but he then thought if I were asked by the Prophet what had I done, what would be my reply? Then this person did not commit any of these vices. </p> <p>See! do you think Holy prophet (SAWS) allowed this person to drink or steal? No! The gist behind preventing him for not doing only one thing and not telling him any thing about other bad thing was to make him change with given capabilities. He (SAWS) did not ask him to leave all bad habits at once or to prepare for hell.</p> <p>Now, keeping in mind this Hadith and other uncountable similar Ahadith, Ulema and scholars have very clearly defined that if an institute stops from doing further impermissible activities then it may start halal and permissible activities from the amount. </p> <p>Establishing a bank is not an easy task, the recent requirement is around Rs. 6 Billion as paid up capital. So huge investments may can not come from small investors.</p> <p>If you thoroughly analyze the businesses that are Halal like textile, leather and pharmaceutical industry, you will find many deviations from Islamic instructions in these businesses, this simply indicates that 100% crystal clean investment is not possible in these times. Possibly you are working in an organization which has interest-based financing facilities, all of these are solid evidences to prove whatever I have written above.</p> <p>I hope you have got the answer to your question.</p>

A.

جواب: معاشرے کا عام رکن ہونے کی حیثیت سے میں نماز کے انتظامات کے لئے کچھ اضافی کرنے کی ضرورت نہیں ہے (ظاہر سی بات ہے کہ میں رضاکارانہ نہیں مذہبی ذمہ داری لے رہا ہوں جیسا کہ رضاکارانہ طور پر جو چاہیں کر سکتے ہیں)۔ لیکن اگر حکومت نماز کے لئے وقفہ متعارف کر واتی ہے جیسا کہ سعودی عرب میں ہے تو یہ لوگوں کو نماز کی ادائیگی کے لئے سہولت فراہم کرنے کا بہتر طریقہ ہو گا۔ باوجود اس کے کہ نمازیں فرض ہیں اور سب کو اس کے لئے انتظامات کرنے چاہئیں (جیسے نماز کی ادائیگی کی جگہ وغیرہ) اور آپ کو اپنے ملازمین کو بہت نفیس انداز میں نماز کی ادائیگی کے لئے حوصلہ افزائی کرنی چاہیے کیوں آپ کی ذمہ داری دوسروں کو بتانا اور ان کی حوصلہ افزائی کرنا ہے زبردستی کرنا نہیں۔ وضاحت کی ہے۔

A.

<p>Conventional securities companies do not observe Islamic instructions in business conduct. They deal in shares of every company no matter whether they are Halal or Haram. Some other ways are also in their practice that are not permissible in Shariah like funding/financing from Conventional banks for buyers or sellers and short selling etc. Therefore, there is no doubt about the fact that income of these funds has Haram elements and for that reason working in these companies does nor appear a desirable and permissible act.</p> <p>But my advice to you is to keep searching for a job in your area of expertise i.e. investment management companies, there are many asset / investment management companies that follow Islamic guidance in their operations, and exercise your best abilities to find out such a job, before you find a job in a Halal company you may keep with present company seeking Maghfirat from Allah on this sinful act.</p>

A.

علما کی نظر میں ڈے ٹریڈنگ کی اجازت نہیں ہے۔ کیوں کہ ڈے ٹریڈنگ میں خریدار scrip صبح10 بجے 95 روپے کی قیمت پر خریدتا ہے اور اسے صبح11:15 منٹ پر 96 روپے کی قیمت پر فروخت کرتا ہے۔ اس کے اجازت نہ ہونے کی وجہ یہ ہے کہ خریدار ایک کموڈٹی کی ڈلیوری لینے سے قبل ہی اسے فروخت کر دیتا ہے جو کہ ٹریڈنگ کے تیسرے روز ہوتی ہے۔ جبکہ قبضے سے قبل فروخت کرنے کی شریعت میں اجازت نہیں ہے۔

A.

جی ہاں، بینک اسلامی صرف شرعی کمپلائنٹ بزنس کرنے کی کوشش کرتا ہے۔ میں یہاں شرعی کمپلائنٹ کے مطابق بینک کے روز مرہ کے آپریشنز کو دیکھتا ہوں۔

A.

<p>A On what price they could be purchased (above or under their face value) ? Would they constitute a transaction of money for money as major part of company assets is in kind of money?</p> <p>B Would the Dividend from these shares be Halal?</p> <p>C Would the Capital gains by sale of these shares be Halal?</p> <p></p> <p>A. BankIslami's share could be purchased and sold at any price since the company has financial assets along with its fixed assets.</p> <p>B. Yes the Dividend is Halal</p> <p>C. Capital gain is also Halal because the share itself is Halal.</p>

A.

<p>Buying and selling of shares is permissible if they meet following conditions:</p> <p>A. They are not shares of a company which does not do a Halal business, like Conventional banks, Insurance companies, Entertainment companies or Alcoholic business performing companies. B. The additional income of the company (shown as "other income" in Balance Sheet) should not be from Bank deposit and Investment in interest-bearing securities like Bonds, PIBs, DSS, TFCs and other instruments. If any income of this nature is there it should be less than 5% of total income and should be given to charity as function of purification. C. The company should not have heavy interest-bearing borrowings (technically called "High leveraging"), in case of interest-bearing borrowings the ratio of this borrowing to total asset should be less than 45%. If a company meets these criteria trading in its share is permissible and Halal.</p>

A.

<p>There are various conditions to be fulfilled for a stock to be declared Halal:</p> <ol> <li>If the stock is not of a company that does Haram business;</li> <li>The leveraging ratio of the company is not above over 40%</li> <li>The interest income should not exceed 5%</li> <li>The unwanted income should be purified from profit</li> </ol> <p>Some other conditions are also there that should be followed in investment policy.</p>

A.

قومی بچت سے آپ کے ڈیپازٹس پر ملنے والا منافع/ ریٹرن/ انکم ربا (سود) یعنی سود ہے جو کہ حرام ہے اور اس کے استعمال کی اجازت نہیں ہے سوائے اس کے یہ ضرورت مند یا چیئریٹی آرگنائزیشنزکو دے دیا جائے۔ اس کا کرائے کے لئے استعمال کی بھی اجازت نہیں ہے، یہ سود کے ذاتی استعمال میں آتا ہے جو کہ میں کہہ چکا ہوں کہ اس کی اجازت نہیں ہے۔

A.

Profit from Defence Saving is interest based and is therefore Haram. Any Haram income should be got rid of. Therefore Ulema have opined that Haram income should be given to needy Muslims without having "Niyat-e-Sawab". Because "Sawab" is given by Allah on spending good wealth and not the Haram one.

A.

The amount given as Prize to bond holders is not Halal. The reason for its non-permissibility is that the amount given to bond holder is interest given on loan. In fact under public borrowing arrangements whatever government takes from public it usually gives interest in two ways: a) Interest with fixed percentage for every bond holder. This is the case in National Savings Schemes. b) The second way to give interest is to give a huge amount to some bond holder not to all of them. This is the case in prize bonds therefore Ulema have declared the prize given to bond holder as "Riba".

A.

<p> Though National Savings is an institution which aims at public servicing but this does not make all its actions true and acceptable to Islam. The ends do not justify means. NS schemes and other public borrowing techniques are unfortunately based on interest payment on deposits.</p> <p>Islamic banks pay something (profit/return) on the deposits which looks apparently similar but are quite different in fact. The depositors have a profit-and-loss sharing relationship with the bank while there is no concept of profit and loss sharing in public borrowing as such. Therefore, investment in National Savings is as good as depositing money with any conventional interest bearing banks and thus is Haram.</p>

A.

Islamic banking rules and laws are based on rulings given by AAOIFI (Accounting and Auditing Organization of Islamic Financial Institution). AAOIFI is a shadow institution of Islamic Fiqh Academy in the sense that it adopts rulings and Fatwas issued by IFA (Islamic Fiqh Academy), Jeddah. The IFA consists of the prominent Ulema of 56 Islamic countries from all Fiqhs (Hanafi, Shafai'e, Maalikee and Hanbalee). They sit together and study almost all modern-day issues and issue a Fatwa that sometimes has touch of more than one Fiqh.

A.

سلیپنگ پارٹر منافع لے سکتا ہے اگر وہ حلال ذرائع سے کمایا گیا ہو اور منافع کی تقسیم کا میکینزم شریعت کے مطابق ہو۔ سلیپنگ پارٹنر منافع کا مستحق ہے کیوں کہ اس نے اپنا پیسہ انویسٹ کیا ہے۔

A.

بینک کئی شعبوں (کبھی کبھار100 سے زائد (میں پیسہ انویسٹ کرتا ہے اور عملی طور پر یہ بتانا ناممکن ہے کہ آپ کا پیسہ چلا گیا ہے، آپ کی رقم دوسری رقوم کے ساتھ مل گئی ہے اور کسی حلال شعبے میں سرمایہ لگایا گیا ہے۔ بینک کے آپ کے حاصل کئے گئے ایونیو کے بارے میں جاننے کے لئے آپ ہماری شرعی کمپلائنس رپورٹ کا مطالعہ کر سکتے ہیں جو کہ ہماری سالانہ بیلنس شیٹ میں ہر سال شائع کی جاتی ہے۔

A.

Weightage system وقت اور تعداد پر مبنی ہے۔ اگر آپ بینک اسلامی میں 10 ہزار روپے ڈیپازٹ کرتے ہیں، اس میں آپ کو weightage دینے سے قبل دو اہم عوامل دیکھے جائیں گے۔ a) آپ نے کتنی مدت کے لئے پیسہ ڈیپازٹ کیا ہے اور b) تعداد (جو10 ہزار روپے ہے)۔ اس کے پیچھے لاجک یہ ہے کہ جب آپ ایک لمبے عرصے کے لئے رقم جمع کرواتے ہیں تو بینک کے لئے اس پیسے کو بڑے اور لمبے منصوبوں میں انویسٹ کرنا آسان ہو جاتا ہے، اسی طرح اگر آپ بڑی تعداد میں پیسہ ڈیپازٹ کرتے ہیں تو بینک کے لئے اسے بڑے منصوبوں میں انویسٹ کرنا آسان ہو جاتا ہے۔ قلیل مدت کے لئے جمع کروائی گئی رقم بڑے اور لمبے منصوبوں میں انویسٹ نہیں کی جا سکتی اور اسے صرف قلیل مدتی منصوبوں میں ہی استعمال کیا جا سکتا ہے۔

A.

<p> Islamic banks invest money received from depositors in profitable areas utilizing the Shariah compliant modes of financing like Murabaha, Salam and Istisna' being trade-based modes, and Ijarah (Islamic Leasing) and Musharakah and Mudarabah (Profit Sharing modes of investment). Banks distribute their income (whatever a bank earns through these modes of financing) between itself and the depositors on the basis of profit-and-loss distribution mechanism.</p> <p>This detail makes it very clear that Islamic Banks can not give fixed return on deposits because they do not earn fixed income. A famous book written by great Islamic scholar Hazrat Maulana Muhammad Taqi Usmani namely "An introduction to Islamic Finance" may help you a lot in understanding the basics of Islamic financial system.</p>

A.

<p>BankIslami's profit & loss system works on the basis of Mudarabah where depositors are Rabul Maal (fund providers) and BankIslami is Mudarib (fund manager). The profit is shared between them according to the mutual percentage they agree at account opening.</p> <p> BankIslami invests money in almost all business sectors provided their business is not violative of Shariah rules. BankIslami invests money through Trade, Rental and participatory modes of financing.</p>

A.

بینک اسلامی کے ساتھ اکاؤنٹ کھولنے سے آپ رب المال (فنڈ فراہم کرنے والا) بن جائیں گے اور بینک مضارب (منیجر) بنا جائے گا۔ مضاربہ کے قانون کے مطابق، رب المالمالک اور مضارب منیجنگ پارٹنر ہوتا ہے۔ اس قسم کی شراکت داری غیر منیجنگ پارٹنر، جو رب المال ہے، کو کاروباری معاملات میں مداخلت سے روکتی ہے۔ اگر وہ کارباری کی کارکردگی سے مطمئن نہیں ہے تو وہ اپنے فنڈز سے دست بردار ہونے کا حق ہے۔

A.

<p>Min deposit for MAHANA MAUNAFA ACCOUNT is Rs 10,000 and tenor is one ,two ,three and five years and you get profit on monthly basis. For it you will have to open an account of Saving or Current. Then you will fill request form of Term Deposit , in which you will mention tenor in which you want to deposit your amount. If you want to deposit Rs 100,000 for one year , according to profit rate of last month (say 7.36 %),you can get Rs 613 per month & after one year Rs 7360. On Rs 40,000, you can get Rs. 245 per month and Rs. 2944 after one year. </p> <p>The Profit will be credited in your Saving or Current A/C on monthly basis ,and you can use it by ATM card and Cheque Book and you can operate this A/C as a normal A/C. </p> <p>You cannot add or take out any amount from this MAHANA MAUNAFA ACCOUNT. If you want to withdraw any amount from it then you have to book remaining amount again.</p>

A.

<p>Islamic banks do offer BTF which means Balance Transfer Facility. Under this facility you you can pay off your current outstanding towards any Conventional financial institution and obtain finance from Islamic banks.</p> <p>My advice to you is to contact our bank for this facility and see what is possible for you. In fact, current rate of financing is a bit high and Islamic banks also offer a high rate. However you should avoid interest as it is one of the highly prohibited things in Islam. </p>

A.

<p>Nothing like this happens in Islamic banks. In fact, Islamic banks give to their customer a range under which they move up or go down, for example they give customer a range of say minimum 11% and maximum 16%. They do not go above 16% and below 11%.</p> <p>Secondly, Islamic banks do not change rate before the timeline they give to customer. For example, if they say that they will change the rate after 6 months they will not change it before this time no matter the market rate goes up after two months.</p>

A.

ماہانہ اقساط کرائے+ یونٹ پرائس پر مبنی ہوتی ہیں۔ کرائے کی شرح حقیقی مارکیٹ (جوعام طور پر 5 فیصد p.a) کی شرح ہو سکتی ہے لیکن اس کیس میں صارف کو جائیداد کی ویلیو کا حقیقی appreciation شیئرکرنا ہوتا ہے اور یونٹ پرائس پر 6 ماہ یا سال کے بعد تبدیل ہو گی۔ حقیقت میں دو امکانات ہوتے ہیں۔ (1) زیادہ کرائے کی ادائیگی(متفقہ طور فکسڈ شرح کے ساتھ یا بینچ مارک سے منسلک) + جائیداد کی پہلے سے مقررہ فکسڈ پرائس (یونٹ پرائس)، (2) مارکیٹ کی شرح کے مطابق کرائے کی ادائیگی+ جائیداد کی مارکیٹ کی شرح (مارکیٹ پرائس کے ساتھ یونٹس)۔ پہلی رائے بینک اور صارف دونوں کے لئے قابل قبول ہیں اور دوسرا آپشن ظاہر سی بات ہے صارف کے لئے مشکل ہے۔ اس لئے اسلامی بینکس اس طریقے پر مصنوعات کی پیشکش کرتے ہیں اور یہ انٹرسٹ لینے کا چھپا ہوا طریقہ نہیں ہے۔

A.

ہاؤسنگ فنانس کی صورت میں گھر، بینک اور صارف کی مشترکہ پراپرٹی ہوتی ہے۔ بڑی مینٹیننس (نقصانات) کی صورت میں دونوں قبل از شرح کی بنیاد پر شیئر کریں گے۔

A.

اجارہ کے ختم ہونے کے بعد، صارف کواس کی جانب سے جمع کرائے گئے سیکیورٹی ڈیپازٹ پر لیزڈ ایسٹ کی خریداری کے لئے پیش کش کی جاتی ہے۔ ایک علیحدہ معاہدے کے ذریعے ڈیپازٹ پر اسے اسیٹ فروخت کر دیا جاتا ہے۔

A.

جی نہیں، یہاں ایک میں دو معاہدے ضم نہیں ہیں۔ حقیقت میں، دونوں معاہدے ایک دوسرے سے مختلف ہیں۔اجارہ کی تکمیل کے بعد ایک علیحدہ معاہدے کے ذریعے فروخت کی جاتی ہے۔ دو معاہدوں کا ایک معاہدے میں ضم ہونے کا مطلب یہ ہے کہ دو مختلف معاہدے ایک میں ضم ہو گئے،نہ کہ دومختلف معاہدوں پر ایک ساتھ دستخط کئے گئے۔

A.

<p>Yes, Car Financing of Islamic banks is Halal since it is structured on the basis of Ijarah which is an Islamic mode of financing used for renting out assets against consideration (rent). For detail just visit any of our branch and get a copy of {Ijarah & Car Ijarah brochure} in which we have explained this thoroughly.</p> <p> Conventional Insurance is not Halal, a new way of insurance "TAKAFUL" has been introduced which is structured Islamically. This way of insurance has been introduced by Islamic scholars after extensive research and study. BankIslami always goes for Islamic insurance or TAKAFUL. </p>

A.

سب سے پہلے یہ کہ اسلامی بینک پیسہ ادھار نہیں دیتے، وہ منافع بخش شعبوں میں سرمایہ کاری کرتے ہیں۔ دوسرا یہ کہ اسلامی بینکس نے پر کسی کے لئے ہاؤسنگ اور کار فنانس کے ذریعے اپنے فلور کھولے ہیں جنہیں اپنی ضروریات پوری کرنے کے لئے کسی بھی مالی امداد کی ضرورت ہوتی ہے۔ اسلامی کچھ چیزوں کے لئے کبھی قرضے لینے کی حوصلہ افزائی نہیں کرتا جو کہ آپ کی ضرورت نہ ہوں۔ حضور اکرمؐ نے خود بھی اپنی ضرورت کے لئے لوگوں سے قرض لیا تھا۔

A.

Recovering amount given to a customer depends on the mode of financing utilized. If the mode of financing is Mudarabah or Musharakah then the loss to business would be as per financing ratio. But if the mode of financing is any kind of sale (Murabahah, Salam or Istisnaa') then the dues on customer are recoverable in full, no matter he suffers a loss or not. For example if Islamic bank sold an item to customer for Rs. 10,000/= and this thing destroyed after some month or its part went dysfunctional then this will be of the customer and not of the bank. It is very logical and we see it in our everyday routine life.

A.

<p> Late payment charges are not allowed in the opinion of the majority of Ulema. However, keeping in view current business needs for avoidance of late payment, Ulema have allowed imposing Forced Charity under which the delaying party has to pay a sum (agreed upon in terms of % or fixed amount) which will be given to charitable institutions. This amount must be used as charity and the receiving part can not take it into their income account.</p> <p> Keeping in view the crucial need for such a mechanism I think this would be acceptable and according to Shariah.</p>

A.

<p>Bill purchase does not mean Bill discounting nor it means Purchasing of Document (Bill). It is an arrangement for Bill discounting through currency purchasing (in case of sight) and providing Murabahah for purchases keeping Bill as security (in case of Usance). The method for currency transaction is that the bank enters into an agreement of sale and purchase of US$ against Rs. The customer sells the US$ to the bank which is deliverable in future at a specific date (usually the same date on which the payment is to come.) The bank pays the price for the US$ in Rs (with necessarily current spot market rate and not a future rate) by crediting the account of customer. At the receiving of payment, the Bank adjusts the receivables (US$). </p> <p>You should however keep two things in mind: One is that the Currency arrangement is purely based on Fatwas from Ulema in Pakistan. View of Arab Ulema is different on the issue and they consider Currency transactions as 'Ba'i us Sarf' under which price and subject matter are to be transacted at spot and none of them could be postponed for future. Therefore, they do not allow this arrangement for Bill Discounting.</p> <p> Secondly, Ulema in Pakistan have allowed this arrangement for extreme need in this field and unavailability of any substitute but this arrangement has not been allowed by any board for FX operation of Treasury. Murabahah arrangement for Usance is only practical if customer needs financing for further purchase of inventory, but in case of his need for administrative expenses the arrangement is not practical.</p>

A.

ورکنگ کیپٹل فنانس کی سہولتیں مرابحہ کی ذریعے فراہم کی جا سکتی ہیں (انوینٹر اور سپلائیزکے لئے، انتظامی اخراجات کے لئے نہیں) اور یہ سہولتیں مشارکہ (شراکتی طریقہ) کے ذریعے بھی فراہم کی جا سکتی ہیں جو کہ اس سے منسلک رسک کی وجہ سے عام استعمال کے لئے پریکٹیکل نہیں ہے۔

A.

<p>Usage of Credit card has two elements: a) Payment Device b) Credit Line. As per Shariah, you can use it as a payment device through which you pay any amount you owe to any person while you shop or go for eating on Credit card. The second use of credit card is a "Personal clean Credit Line" which means availing an interest-based facility from a bank. When you draw cash from bank on your Credit card or you do not pay your dues within the grace period allowed for payment (usually 45 days), the bank starts charging interest on the outstanding amount. This use of Credit card is not allowed since in this case you indulge yourself in a Haram activity.</p> <p>Supporting of Banking system indirectly has been a matter of debate among Ulema. In fact, when you put your money with a Conventional bank, or you give it a single rupee you are supporting the banking system. No matter whether you open a current account or you pay your tuition fee, you in fact increase banking deposit which is absolutely indirect help of the bank. Ulema are of the view that since the entire economic and financial system is unfortunately interest-based, therefore, if a person keeps himself away from direct involvement in interest generating process the hope is that he will not be considered a sinner in eyes of Allah in-Shaa-Allaah-Ta'aala.</p>

A.

کریڈ کارڈ پر کریڈٹ خریداری کی اجازت ہے اگر ان کی ادائیگیاں رعایتی مدت میں کی گئی ہوں۔ شریعت میں کم از کم ادائیگیوں کی اجازت نہیں ہے، واجبات کی ادائیگی بغیر کسی آؤٹ اسٹینڈنگ کے مکمل کی جانی چاہئیں جو کسی مالیاتی چارجز (سود) کو متوجہ کریں۔ جی ہاں، آپ کی جانب سے واجبات پر اضافی رقم کی بطور فنانشل چارجز ادائیگی ربا کے دائرے میں آتی ہے۔

A.

اکاؤنٹ ریسیوایبل زکوۃ والے اثاثے ہوتے ہیں جب تک کہ انہیں bad debts ثابت نہ کر دیا جائے۔ اکاؤنٹ پیئیبل قرضے ہوتے ہیں جو کہ زکوۃ والے اثاثوں سے زکوۃ نکالنے کے بعد نکل جاتے ہیں۔

A.

<p> In fact this issue has been a point of difference amongst Ulema. Some of them are of the view that Zakat is a worship of personal nature that is why government can not interfere in this by deducting from accounts directly.</p> <p>However, other opine that if Zakat is deducted by government directly then this deduction would be considered fulfillment of the obligation of Zakat.</p> <p>However, I advise you to sign a declaration of no-deduction (I am missing the correct name of the declaration you may ask any banker) in which you may say that you want to Zakat yourself being a follower of a particular Fiqh. I am of this view because utilization of Zakat by government is very much doubtful. It would be better to be 100% sure in these important worships rather than getting doubtful in fulfillment of the obligation.</p>

A.

<p>The Hadith you referred to is absolutely right and is there in Timidhi. In his commentary on Hadith, Imam Tirmidhi has clearly mentioned that there are two different views about new addition to wealth. First view, which is supported by Imam Malik, Imam Shafaee, Imam Ahmad, Imam Ishaque and many other Fuqahaa, is that every addition in wealth should be given a year to be imposed Zakat. So if a person has some Zakat-able wealth (Maal) and he received some more during the year he should only pay Zakat on the wealth which has completed a year. The addition during the year will be considered Zakat-able if it completes a year-turnover</p> <p> The second view, which is opined by Imam Sufyan Thauri and Ahl-e-Koofa (Imam Abu Hanifah and other Fuqahaa of Koofa), is that if a person has Nisab of Zakat (Zakat-able amount of wealth) at the start of year then addition to this or subtraction from it would be negligible in terms of time, and he should include all available wealth in Nisab (Zakat-able wealth). No matter whether he got the addition during the year, before the end of year or after start of year. </p> <p>The second opinion is adopted by Ahnaaf (Followers of Imam Abu Hanifah) and thus I have mentioned this opinion in TV program.</p> <p>This opinion has a very strong logic. See if a person starts calculating period of one year for every addition, he will face lot of difficulties in managing things and he may not be able to decide a cut-off date for Zakat. This was reason behind this Fatwa. </p>

A.

جی نہیں، غیر مسلم سے زکوۃ نہیں لی جاتی۔

A.

اگر وہ بھاری قرضوں کے تلے دبا ہوا ہے جس کہ اسے اثاثوں سے زیادہ ہے تو پھر آپ سے زکوۃ دے سکتے ہیں ورنہ ہیں۔

A.

<p>As a matter of principle you should go for Hajj with your husband or Mehram (brother, nephew etc. etc.). In absence of these relatives or impossibility of accompanying them with you due to financial or other problem, Hajj is not Farz on you and you are not required to go for Hajj.</p> <p> However, in case you are going for Farz Hajj, Ulema allow to go with a group of trustworthy women. So you can go along the relatives you mentioned in your question. But I think as per the laws you should declare in Hajj Application Form with whom you are going for Hajj. I do not know how can you deal with this issue.</p>