business

26 Jun 22

Combining Business and Hajj, Profit and Spirit

The greatest days of the year are the first ten days of Dhul Hijjah. The Prophet (sallallahu’alayhi wasallam) said: ‘There is no day more honourable in Allah’s sight, and no acts more beloved therein to Allah than those in these 10 days. So, say tasbih (subhanallah), takbir (Allahu akhbar) and tahlil (la ilaha illallah) a lot.’ […]
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27 Jun 21

Dropshipping: the Halal and Shariah compliant way

By Mufti Faraz Adam and Suleman Muhammad Ali, Head of Products Muzn Islamic Bank A lot has been written on dropshipping and the Shariah concerns about it. Yet, there is still confusion and a lack of clarity on dropshipping. This article seeks to propose a valid Shariah interpretation and the Halal way to perform dropshipping […]
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How are raw materials, goods in progress and finished goods valued for Zakat?

Question: How are raw materials, inventory and finished goods valued for Zakat? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh. The Answer:1. Raw material – for Zakat purposes, will consider its current value (usually difficult to determine, so may use cost price alternatively) 2. Work in progress – for […]
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