sale

28 Jul 21

Purchasing Foreign Currency Online with Deferred Delivery

Question: Is it permissible to purchase foreign currency online and receive it at a later date? In the Name of Allah, the Most Gracious, the Most Merciful. As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.  The Answer:  According to contemporary Hanafi scholars, it is permissible to purchase foreign currency and receive it at a later date as long as […]
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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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03 Jan 21

The Obsession with Possession in Islamic Finance

In almost all contemporary Islamic Finance structures and products, a fair amount of attention is given to how assets are being possessed, transferred and how the associated risks are being allocated. Similarly, retail investments are vetted and screened to understand whether an investor has possession of the underlying asset. What’s the big deal and obsession […]
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27 Dec 20

The Life of a Transaction in Islamic Finance

I often describe the sale item or the subject matter of a contract as the ‘heart’ of a transaction; everything revolves around the sale item and it is central to a transaction. If the subject matter is the heart, the life of the transaction depends on it. If the sale item is destroyed, the transaction […]
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