asset

17 Jan 22

The Anatomy of NFTs from a Shariah Perspective

Introduction to NFTs NFT is short for Non-Fungible Tokens. An NFT is a secure, blockchain-based certificate that represents an entitlement its owner has to a (usually) digital or physical asset (e.g. artwork) or licence and permit for something[1]. NFTs are indivisible and can store significant amounts of data, including unique information, which is what makes […]
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08 Jul 21

Asset, Service, Right or Debt? | Fiqh Series

This article is part of our Fiqh blog series which aims to discuss more advanced subjects relating to Islamic Finance and Fiqh al-Mu’amalat. This blog piece addresses the different types of subject matters that are traded and transacted. Introduction One of the fundamental tasks in any Shariah review or Shariah product development is to understand […]
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27 Feb 21

My Thoughts on Crypto-assets

by Mufti Faraz Adam, Amanah Advisors from the book “Introduction to Islamic Fintech” The Nature of Crypto-assets My personal view regarding crypto-assets is that many can be deemed digital assets, whilst some have the potential to be even recognised as a medium of exchange for their specific networks only. To deny the existence of crypto-assets […]
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What is the Zakat treatment for prepaid expenses on one’s balance sheet?

Question: What is the Zakat treatment for prepaid expenses? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. The Answer: The prepaid sum is no longer in one’s ownership and as such, it is not Zakatable. Prepaid expenses are future expenses that have been paid in advance. In other words, prepaid expenses are costs that have […]
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