Q: Is it permissible to use a non-islamic business account that does not accrue interest for a ltd company? الجواب حامدا ومصليا ومنه الصدق والصواب A: It is permitted to use an account of a conventional interest-based bank that does not bear interest for a limited company. Any deposits in the account are essentially a […]
Read more...Author: alqalam_ITYPE
Do I have to pay tax on tips received during employment?
Q: Does my husband have to pay tax separately for small tips received during his employment? (For example, an average of £5 cash in hand per day). If it is obligatory to pay tax on this and he refuses to do so what is my extent of my obligation towards getting him to do this? […]
Read more...Is it haram to pay off interest I unknowingly accumulated?
Q: I have accumulated an interest based debt of which I had no previous knowledge. Is it haram for me to pay off this interest or am I allowed to pay it off in order to have a ‘clean slate’ so to speak. الجواب حامدا ومصليا ومنه الصدق والصواب A: You should first attempt to […]
Read more...Is it permissible for an accountant to produce external reports for banks?
Q: I currently work for my own company specialising in providing Accountancy Services mainly to large Corporate businesses. I work 6-12 month contracts on projects or providing short term cover. My contracts are primarily in the Banking sector. My key responsibilities are to support the production of external reporting for the Bank so that it […]
Read more...Can Zakat ul Fitr only be distributed in the form of food?
Q: Is it permissible for Zakat ul Fitr to be given in the form of cash or new clothes, or must it be spent on food? الجواب حامدا ومصليا ومنه الصدق والصواب A: Zakatul Fitr can be given in the form of cash or new clothes and does not have to be spent on food. […]
Read more...Is working for the financial conduct authority permissible?
Q: Is working for the financial conduct authority permissible? I understand that they regulate all businesses including banks, and set the standard for all businesses. I also know that you have to work closely to the banking industry as part of this role. الجواب حامدا ومصليا ومنه الصدق والصواب This will depend upon the principle […]
Read more...Do I need to pay Zakat on my pension each year or when I start receiving it?
Q: Do I need to pay Zakat on my pension each year or when I start receiving it at the age of 55? The pension is two fold. 1) My employer contributes £300 per month towards my chosen pension provider. 2) My annual bonus, rather than paying 40% tax on it, is paid to my […]
Read more...Is Zakat payable on wealth not held in possession for the entire year?
Q: In the beginning of the year 2014 my husband and I were looking to purchase our first home.We are currently renting privately. I had about £50,000 savings. We both work full time and our salaries were going to contribute to the eventual purchase (as it takes about 12-16 weeks for completion and all monies […]
Read more...Is it permissible to sell halal products to night clubs and bars?
Q: Is it permissible to sell and provide halal products to night clubs and bars. I would only be entering their premises during the day time when they will not be engaged in active business. The halal products that I would be supplying is an energy-shisha vapour product and dispensed from a vending machine located […]
Read more...Is it permissible to invest in a Sharesave scheme of a bank?
Q: Can you tell if the following two forms of investments are permissible from a sharia perspective. Intention is to use the schemes as tax efficient vehicles only with a view of separating any impermissible profit and donating it to charity at the end of the scheme. 1. Sharesave – Sharesave scheme of a bank […]
Read more...Is income earned from a job as a wedding photographer halal?
Q: One of my friends is a wedding photographer. Is the job permissible? He doesn’t print the photos off and hands it to the customer as a CD, but the same time he takes photos in a mixed gender environment. Will the money he earns be halal? Or will he just incur a sin whilst […]
Read more...What is the Islamic position on CFD Trading?
Q: What is the Islamic position on CFD Trading? I know Spread Betting is not allowed and is fundamentally different to CFD Trading as the former is a synthetic market that can be manipulated by the market makers. Additionally, with regards to ‘owning the stock’, an individual does not own the stock if bought via […]
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