In the Name of Allaah, the Most Gracious, the Ever Merciful…
The Standing Committee for Religious Verdicts (al-Lajnah ad-Daa’imah) was asked:
Can a Muslim who works in construction build a church for non-Muslims?
They replied: Continue reading
In the Name of Allaah…
Shaykh Saalih al-Fowzaan mentions that the Council of Senior Scholars has studied the modern “Rent-to-Own” schemes, and they have ruled that they are impermissible transactions, due to the prohibition of two contracts in one.
Audio: http://www.safeshare.tv/w/maZtfNemwq
Video: http://www.safeshare.tv/w/xetfuzAwnZ (different)
Rent-to-own schemes may also include some so-called “installment plans” for automobiles and property, where legal ownership remains with the seller until the payments are complete, which is essentially a rent-to-own contract cleverly disguised as an installment plan.
As an important reminder, we live in times of widespread deception and corruption, so let every Muslim be extremely cautious in how he approaches complex business transactions.
Written by: Moosaa Richardson
A Muslim concerned about his income asks:
I am an accountant that presents the financial statements of my organization to my employers. The banks pays interests (riba) on the company’s funds (the company is involved in halal business) saved with the banks and in the periodic statements they (the bank) send to us (accountant and my employers) they show clearly the analysis of the transaction my organisation has done with them over the period.
In the normal accounting profession, we are supposed to report this interest (riba) as well as all other transactions in the financial statements to the company, and the financial statements will not be complete unless they are shown, and thus Continue reading