Articles


10

May 2014

Riba In The Conventional Insurance

RIBA IN THE CONVENTIONAL INSURANCE By Ustaz Dr. Zaharuddin Abdul Rahman Rulings for insurance have been discussed at length by scholars in the Middle East. Considered a ‘new’ invention, insurance came into existence around 1666M in London, this system was only introduced to the Muslim world around 1830M. This is drawn from the first fatwa of Al-Allaamah Ash-Shaykh Muhd Amin (Ibn ‘Abidin, d.1252H). He was…

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10

May 2014

Riba And Its Contemporary Structures

RIBA AND ITS CONTEMPORARY STRUCTURES By Ustaz Dr Zaharuddin Abd Rahman   The main difference between an Islamic bank and a conventional bank is the riba transaction carried out by a conventional bank. The council of noble scholars around the world, via the International Islamic Fiqh Academy, the European Fatwa and Research Council and others, has unanimously agreed on the existence of riba in the…

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10

May 2014

Pillars And Conditions Of Trading In Islam

PILLARS AND CONDITIONS OF TRADING IN ISLAM By Ustaz Dr Zaharuddin Abdul Rahman   The definition of trading in Islam is: “Exchanging the ownership of property with another property for owning and being owned upon eternity.” The scholars unanimously agree that trading is lawful based on very clear evidences, such as: “Allah has permitted trading.” (Al-Baqarah, 2: 275) “But take witnesses whenever you make a commercial…

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