What is the wisdom behind legislating Zakah?

Assalamu alaikum warahmatullahi wabarakatuhu! As a muslims, we pay zakah. At the same time, we should know the wisdom behind it. Zakah has being legislated by Allah (swt). It is important to note that zakah is fruitful for a sound economy. Many Economies such as Indian economy has many serious issues like poverty, unemployment and Read more about What is the wisdom behind legislating Zakah?[…]

Zakah on the gold and silver

  Zakah on the gold and silver Overview: Introduction Zakah on women’s gold and silver jewellery. Nisab for zakah for gold and silver Introduction The ruling on zakah of Gold and silver are also applied to its derivatives such as money, jewels and ingots . The Gold kept or invested and is in the form Read more about Zakah on the gold and silver[…]

Zakah

Overview What is Zakah? What is Nisab? Consequences of those who refuse to Pay Zakah.. Blessings in one’s Wealth from Zakah. Reward for paying Zakah. What is Zakah? The literal meaning of Zakah is to grow and making pure. Zakah is obligation from Allah (swt) upon those Muslims, who possesses the minimum amount (Nisab). He Read more about Zakah[…]

Islamic Ethics related to Pricing

Islamic Ethics related to Pricing The price of goods and services reflects the value of the product offered to consumers. It is a very important factor which determines consumer purchasing decision. In Islam, the seller must significantly assess diverse aspects before making this decision. Here are some ethics related to the marketing: Not to sell Read more about Islamic Ethics related to Pricing[…]

Islamic Ethics related to Product

The product must be deliverable as it is one of the principles for valid sale. The businessman should not mention those features on the product that does not actually exist in that product. He should not misrepresent the product. He should avoid dealing in those products which are prohibited in Shariah. The product should be Read more about Islamic Ethics related to Product[…]

Islamic Marketing Ethics

Islamic ethics deal with issues associated with right and wrong and dealings in the marketplace. A good businessman should focus on ihsaan (goodness and generosity in interaction and conduct). Our beloved Prophet Muhammad (peace be upon him) said:  ‘Al- din al- muaamala’. It means religion is found in the way of dealing with other people. Read more about Islamic Marketing Ethics[…]

5 Business Ethics In Islam

5 Business Ethics In Islam 1.      Honesty Honesty incorporates the concepts of truthfulness and reliability and covers all aspects of relationships in human life thought, word and action. It is more than just accuracy; it is an attitude with integrity. Honesty in business dealings is more entirely urged by Islam than by some other religion. Read more about 5 Business Ethics In Islam[…]

Istijrar

Istijrar (supply contract) Overview: Meaning Examples Types Uses Area of Application Meaning: Istijrar refers to an agreement where the buyer purchases commodities under a single agreement from a supplier in part by part from time to time in different quantities and each time there is no offer or acceptance or bargain required. The deal will Read more about Istijrar[…]

Wadiah

WADIAH Overview: Meaning Legality of Wadia Important principles Types Meaning ‘Wadia’ is an Arabic word which means ‘Deposit’. It is derived from the verb wada’a, which means to leave, lodge or deposit.  It is a type of Contract ( akad )  between owner (Muwdi) of the goods and custodian (Mustawde) of the goods where owner Read more about Wadiah[…]

Sukuk

Sukuk Overview: Meaning Definition Advantage of Sukuk over Conventional bonds Categories Distinction between Sukuk and Conventional bonds Meaning The word ‘Sukuk’ is the plural of an Arabic word ‘Sakk’, which means ‘certificate’.  Sukuk is a financial certificate which reflects participation rights in an underlying asset. Sukuk is the same as the conventional bond but the Read more about Sukuk[…]