Some contemporary scholars such as Mufti Radha al-Haqq from South Africa have recognised goodwill as a valid entry. Of course, almost every major Islamic business and Islamic financial institution have goodwill on their financial statements and is clearly a business practice.
According to the Laws of Islamic Finance and Economics, it is not permissible to charge any excess over and above the purchase price. in view of this principle, it is not permissible to charge goodwill.
Halal trading, such as trading in stocks or certain types of forex, is permissible as long as it is transparent, involves real asset ownership, and avoids riba (interest) and gharar (excessive uncertainty). Traders must also steer clear of investing in haram industries, such as gambling and alcohol.
Charity, known as Zakat and Sadaqah, is a cornerstone of Islamic life. Zakat is an obligatory act of giving a fixed portion of your wealth to those in need. Sadaqah is voluntary charity and can encompass anything of value you give to help others, including money, time, or even a kind word.
In short, intangible assets are considered property in Shariah law and deserve legal protection. Usually, it's acceptable to exchange them for something valuable, as supported by modern Shariah research and Islamic institutions.
Some contemporary scholars such as Mufti Radha al-Haqq from South Africa have recognised goodwill as a valid entry. Of course, almost every major Islamic business and Islamic financial institution have goodwill on their financial statements and is clearly a business practice.
Is SIP halal in Islam? Yes, SIP (Systematic Investment Plan) is halal in Islam. SIP is a way to invest in mutual funds on a regular basis, such as monthly or quarterly. This can be a good way to invest in Shariah compliant mutual funds, as it allows you to invest gradually over time.
Since it is not permissible to utilise interest for one's own benefit one should donate it to charity. Although there may be no religious reward for doing so, it disposes of the haram funds in a shariah-compliant way.
Many Islamic scholars argue that excessive speculation equates to gambling, making short-term crypto trading haram. However, if crypto trading involves spot trading with clear ownership and without interest-based transactions, it may be deemed halal.
Islam inspires investments in businesses that build society. Therefore, sectors such as alcohol, gambling, haram food, or unethical dealings are prohibited. Always invest in lawful actions that endorse ethical practices like ventures in lawful food, healthcare, or education.
Gharar (Arabic: غرر) literally means uncertainty, hazard, chance or risk. It is a negative element in mu'amalat fiqh (transactional Islamic jurisprudence), like riba (usury) and maisir (gambling).
Ulama also do not forbid buying and selling used goods or thrift . So, as long as the goods being sold are clear and there is no indication of fraud in them, buying and selling is permitted. However, buying and selling thrift goods on the market is not like buying and selling thrift on online platforms.
As such it is an essential part of planning for the hereafter to write a Will and Muslims are advised “not to let two nights pass without writing a Will [Sahih Bukhari]''. A Will not only serves as a means of distributing wealth but also allows Muslims to leave behind a legacy of goodness and charity.
Wasting Money in Islam, Is It allowed? Islam strictly prohibits wasteful actions. Wastefulness is a form of disgraceful behavior. By committing extravagance, a person squanders the wealth they have for nothing.
Muslims are warned in the Quran to be on guard against greed. A Muslim should not save and hoard great sums of money, but should distribute it to those who are in need of it. 2. It is never acceptable to earn a living by doing wrong.
However, it is important to point out that debt is not prohibited in Islam. Islamic teachings advocate protection of the poor and the vulnerable against economic exploitation. Muslims are not allowed to benefit from earning interest (riba) because interest charges would deepen the debt burden.
According to Sunan Ibn Majah, the Muhammad declared the practice of riba worse than "a man committing zina (fornication) with his own mother". In that hadeeth, he said that there are 70 sins of riba. Of these, the minimum sin is to commit adultery with oneself's mother, and the greatest riba is dishonoring any Muslim.
If a person earns haraam money through his efforts, he is sinning by doing so. If he gives it away, he will not be rewarded for it. However, if the illicit wealth is given away because he does not want to eat illicit wealth and as a form of repentance, then he gets the reward only or for his good intentions.
Often scholars are asked by people - can I kiss my wife private parts, how does Islam validate this practice? From the Shariah point of view, kissing a wife's private part is not haram as long as there's no discharge that can go to the husband's stomach willingly or unwillingly.
Some gold ETFs are Shariah-compliant, but not all. To be halal, the ETF must be backed by physical gold, avoid Riba-based structures, and follow Islamic rules on ownership and settlement.
The intoxicant alcohol that we find in foods and beverages nowadays is ethyl alcohol. Mouthwash products usually contain menthol, thymol, and eucalyptol alcohol which are not intoxicant alcohols. Therefore using mouthwash products that contain alcohol is permissible for medicinal use only.
