There are five types of collectibles that people are willing to pay more, and they may have solid returns in the future. In the following, we will introduce them one by one. However, first, let’s briefly look into what collectibles are. What are Collectibles? A collectible is any object that a collector considers valuable or …
5 Collectibles That People Are Willing to Pay More Read More »
Shariah provides guidelines for the nature of the business, with a focus on religious values and social well-being. Following Islamic principles, Muslims can only deal with a company that operates in the accepted (halal) business. Muslims are prohibited from involving in businesses that directly or indirectly deal with riba and prohibited activities, such as the …
There are 4 types of riba that happen in commercial transactions. Riba literally means excess, increase, augmentation, expansion, or growth. The excess could be coming from itself or an increase in an exchange or sale of ribawi items (gold, silver, dates, wheat, salt, and barley). Every Muslim should understand the issue of riba in daily …
What Are the 4 Different Types of Riba (Interest)? Read More »
Islam forbids the adoption of interest (riba) due to the negative consequences that come with it. There is a strong bond between interest and conventional finance. Interest is the most important component of traditional finance. However, Islamic banking and finance must follow Shariah principles guided by Islamic law, which prohibit the use of interest (riba) …
The Concept of Riba and 3 Main Consequences of Riba From Islamic Perspective Read More »
Doing charity is one of the best practices of every Muslim. The Holy Quran instructs us to help those who are in need. We should help our surroundings not financially, but also in financial terms as well. When we speak about financial terms, there are several ways to help those in need, including Zakat and …
Zakat and Waqf both promote giving. However, Zakat is something that is compulsory for Muslims; Waqf is a voluntary action. Waqf is a special way of giving which the gift will continuously benefit the community. What is Zakat? Allah says, “—and perform al-salat and give zakat, and lend to Allah a goodly loan, and whatever good …
What is Zakat? Firstly, what is Zakat? It is the mandatory act of allocating some amount of one’s own wealth for a greater good. Objective The main principle of Zakat is to provide the downward flow of wealth from individuals who possess it to individuals who need it. Furthermore, the act of Zakat assists the payers …