The Debtor: 　　Repaying the creditor on time: The debtor should take initiative to repay the creditor as soon as the loan is due. If the debtor is financially unable to repay it all, then at least he should start paying in instalments if he possesses the money to do so.... More

　　Many social problems result from loans because many people overlook the etiquettes which Islam legislated for the debtor and the creditor, and should the debtors and the creditors adhere to such etiquettes, then many problems would be solved. 　　Some of these etiquettes regarding the creditor are to delay the debtor... More

　　This practice of raffle-tickets amounts to gambling. One of the arguments in favor of raffle tickets is that the scheme is widely used for philanthropic causes. It must be borne in mind that in Arabia, gambling in he times when the Quran was being revealed was no exception. 　　In fact,... More

　　Islamic banking refers to a system of banking activities that is consistent with the Sharee'ah (Islamic law) and guided by Islamic economics. Thus, banking procedures including payment of Ribaa (usury or interest) is Haraam (Islamically prohibited). Islamic law also prohibits trading in financial risk (which is seen as a form... More

　　Allah, in His Noble Book, the Quran, and the Prophet through his honorable Sunnah (Prophetic Tradition), pointed out the rulings on transactions because of people's need for them; people in general need food, clothes, houses, vehicles and other necessities of life in addition to different luxuries which are obtained through... More

　　The salam is payment in advance with delaying the receipt of the sold item. The Muslim faqihs (jurists), may Allah have mercy on them, define the salam as: “A contract according to which the price of a clearly defined item is paid in advance at the place of concluding the... More

　　Recurrent are the conditions set by a seller or a buyer when concluding a trade transaction. Accordingly, it has become a necessity to study and tackle the different kinds of such conditions, pointing out the legal and the illegal ones among them. The scholars of Islamic Jurisprudence, defined a condition... More

　　Money, money, money. Doesn’t it make your head spin sometimes? Think of all the things you can do if you just had a little more… 　　Unfortunately, this compelling greed and need sometimes drives us to make financially unsound decisions, and worse still, even un-Islamic ones. The following article outlines various... More

　　Definition: It is a postponed payment executed in a fixed number of instalments at determined times, with a price higher than the cash price. 　　Is such a sale allowed? Scholars have two opinions: 　　1-The first opinion: Many scholars of the Hanafi, Maaliki, Hanbali, and Shafi’ee schools of jurisprudence rule that... More

　　1. Consent: 　　 　　A sale is not valid unless there is mutual consent between the two parties. In the Quran, Allah Almighty says (what means): {But only [in lawful] business by mutual consent.} [Quran 4:29] 　　But, how can the consent condition be met between the two contracting parties? 　　Scholars have... More

　　Allah, The Most High, has prohibited usurping other people's property and has imposed liability for whatever is damaged of the property taken without right even if it was by mistake. Whoever damages another person's property - that is considerable - without its owner's permission, is financially liable to make up... More

　　The insurance contract 　　The commercial insurance contract is one of the unlawful contracts because of the gharar (risk due to uncertainty about the sold item) involved. The Messenger of Allah was reported to have forbidden the gharar-based selling. [Muslim on the authority of Abu Hurayrah, may Allah be pleased with... More

　　Mortgaging refers to the security for a debt against an article that can cover it or its value (in case of non-fulfillment). 　　Mortgaging is permissible according to the Noble Quran, the Sunnah (Prophetic Tradition) and the consensus of Muslim scholars. Allah, the Exalted be He, says (what means): {...And if... More