Islamic Economics
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Fiqh of Zakat Profession and Calculation Procedure
Professional zakat is intended for professionals or workers who have income that has reached the nisab. Nisab itself is the lowest limit that has been determined by sharia which is used as a guideline in determining the obligation to pay zakat on income. For workers who get a monthly salary every month and especially if we are a Muslim, it…
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How to Calculate and How to Pay Zakat on Gold as Investment?
One of the zakat that needs to be paid is on gold and silver. So, if these two precious metals havereached the nishab and haul (one year of ownership) then the owner is obliged to pay zakat. In thecontext of gold zakah, what is required is investment gold, not jewellery gold. Why is gold and silver subject to zakah? Islam…
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How to Calculate Zakat for Employees?
One of Islams tenets zakat is required of all Muslims who fit the requirements. In addition to purifying material wealth zakat also purifies the heart and draws one nearer to Allah ﷻ. Because monthly income must be carefully calculated to determine whether it has reached the nisab (minimum threshold of wealth subject to zakat) and haul (ownership period of one…
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How the UK Became a Leader in the Islamic Financial World?
As the Western center for financial services that adhere to Shari’ah the UK has become a global leader in Islamic finance. This outstanding accomplishment is the consequence of a confluence of flexible regulations, proactive government policies and the active participation of Muslim organizations. In addition to demonstrating its financial innovation the UKs success in Islamic finance also shows its dedication…
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Zakat: Is It Better to Distribute It Yourself or Through an Organization?
Every muslim who satisfies the requirements must pay zakat as one of the tenets of Islam. The Quran says: “Take alms(Zakat) from their wealth to purify and cleanse them and pray for them. Indeed, your prayer is a source of comfort for them. And Allah is All-Hearing, All-Knowing.” (Surah At-Tawbah: 103) But to do this deed, muslims must decide whether to…
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Investment Tips and Tricks for Employees
Employees can gain from strategic investment practices in their quest for growth and financial stability. Qur’an mentioned urgencies of prudent financial management: And those who, when they spend, are neither extravagant nor miserly, but hold a medium (way) between those (extremes)” (Quran 25:67) And these lessons will show tips and tricks to invest as an employee as a part of…
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Procrastination as a Reprehensible Trait in Islam and How to Avoid It
Despite being written off as a small habit procrastination can have negative consequences for ones spiritual and personal development. Procrastination is seen in Islam as a quality that can result in major losses and lost opportunities in this life as well as the next rather than just being a bad habit. This article examines the risks associated with procrastination the…
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Does Islamic Financing Have to Be Cheap?
Following Shariah rules to the letter, Islamic finance is a substitute for traditional financial systems. Understanding that Shariah compliance puts adherence to Islamic laws ahead of cost considerations is crucial to answering the frequently asked question: Should Islamic financing be less expensive than conventional methods? Shariah’s core principle is compliance over cost Shariah places a strong emphasis on conducting financial…
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Sukuk Invesment: What Sukuk is? Types, Benefits, Risks, and How to Start
In the global financial market sukuk also known as Islamic bonds have grown in popularity as an investment choice. These financial products provide investors with a moral substitute for traditional bonds since they adhere to Islamic principles. Both Muslim and non-Muslim investors looking for opportunities that fit with their values and offer a steady income stream are catered to by…
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The Distinction in Sharia Between Gambling and Business Risk
Ethical financial transactions in Islamic economics are based on the distinction between haram (prohibited) and halal (permissible) business practices. A crucial component of this distinction is being aware of the basic distinctions between gambling which is strictly forbidden by Sharia law and business risks such as those found in legal commercial endeavors. In order to analyze these distinctions this article…
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