Browse one of the world's largest database of Islamic finance Q&As available online.
Search Results
Brokerage Fees
Yes, it is permissible to pay such a brokerage fee as such a payment is like a commission paid to one who brings a client or customer to the bank.
Yes, it is permissible to pay such a brokerage fee as such a payment is like a commission paid to one who brings a client or customer to the bank.
Seeking Return Of Brokerage Fee
The amount paid as the brokerage fee is the right of the broker and may not be taken back after the contract is signed regardless of whether or not...
The amount paid as the brokerage fee is the right of the broker and may not be taken back after the contract is signed regardless of whether or not...
Combining Guarantee With Agency
It is not permissible to appoint the same person as an agent and as a guarantor during the same time period.
It is not permissible to appoint the same person as an agent and as a guarantor during the same time period.
Owner’s Guarantee
It is lawful for the bank to accept the guarantee of an owner for a contractor in the construction of something for the guarantor himself since the...
It is lawful for the bank to accept the guarantee of an owner for a contractor in the construction of something for the guarantor himself since the...
Payment Of Trade Bills
It is lawful to pay the exporter upon arrival of the bill of lading and before the goods are delivered.
It is lawful to pay the exporter upon arrival of the bill of lading and before the goods are delivered.
Lawful Payment Of Trade Bills
The importer pays local currency to the bank in return for the purchase price at the time of payment. The bank accepts this amount until it has...
The importer pays local currency to the bank in return for the purchase price at the time of payment. The bank accepts this amount until it has...
It is not lawful for the importer to pay the bank 20% as profit margin on the deal in order to guarantee the transfer of the value of goods to the...
Sale Of Goods That Have Yet To Clear Customs
An export sale based on a sample of the goods for approval by the importer is lawful whether or not the merchandise has arrived at the port.
An export sale based on a sample of the goods for approval by the importer is lawful whether or not the merchandise has arrived at the port.
Repaying Documentary Credit
The procedure for issuing documentary credit does not usually include the bank’s extension of financing to the client; all of the financing is...
The procedure for issuing documentary credit does not usually include the bank’s extension of financing to the client; all of the financing is...
When Client Is Unable To Pay
If the client pays a portion of the money due for the goods the bank may enter into a contract of partnership with the client in which each...
If the client pays a portion of the money due for the goods the bank may enter into a contract of partnership with the client in which each...
Disclaimer: Although care has been taken in preparing the information contained in this Q&A database, Ethica Institute of Islamic Finance cannot guarantee the accuracy thereof. Anyone using the information does so at their own risk and shall be deemed to indemnify Ethica Institute of Islamic Finance from any and all injury or damage arising from such use. One should double check with a qualified scholar to see whether the Q&A applies to one's particular situation.
ASK AN ISLAMIC FINANCE QUESTION
Each question is reviewed by an Islamic finance expert and approved by a scholar.
