QUESTION: Suppose I enter into a valid Mudaarabah contract with another party, where I provide the capital as the Rab-ul-Maal while the other party manages the investment as the Mudhaarib. The profit is shared between us according to an agreed percentage. My intention...
QUESTION: Please can you advise on the following set of facts: 1. A property-owning company owns a commercial property which it rents at a market-related rental. 2. There are 8 shareholders who own shares in the company in equal parts. 3. The value of the property is...
QUESTION: I took out a car loan on Islamic finance. I am currently in debt with the bank for over R240 000. It will take a few years to pay this off. Am I still liable to pay Zakaah? Or, am I eligible to receive Zakaah? I own some clothing items and shoes which have...
QUESTION: A person had a foreign employee, who then returned to his hometown. To assist him in returning to South Africa, his employer gave his Zakaah to the transporter to bring him back. Is the Zakaah discharged? ANSWER: In the queried scenario, one’s Zakaah will...
QUESTION: Is it permissible to discharge one's Zakaah 3 years in advance? If yes, what would the procedure entail? ANSWER: Yes, it is permissible to discharge Zakaah in advance. However, it is imperative that you should keep a record of how much Zakaah you have...
QUESTION: My late father left me a provident fund as part of my inheritance. The current value is approximately R700 000. I have the option of withdrawing the entire amount at once, but doing so will result in a significant tax deduction. Alternatively, I can withdraw...
QUESTION: I'm in the process of buying a new business Insha'Allah, but I will only take over at the end of the year, once full payment is made. Currently I have paid a deposit and signed a contract with the owner to express my seriousness in purchasing the business....
QUESTION: Is the conversion of Zakaah to Lillah, carried out by many organizations and institution, permissible? If it is correct for the Darul Ulooms and organizations to give Zakaah to a poor person and then take it back as Lillah, can I not do the same, i.e. just...