In this website, http://www.kalamullah.com/one.html, explaining the ayat of Qur'an other than it's appereant meaning is criticised, and this example is given;
قَالَ يَا إِبْلِيسُ مَا مَنَعَكَ أَن تَسْجُدَ لِمَا خَلَقْتُ بِيَدَيَّ
ۖ أَسْتَكْبَرْتَ أَمْ كُنتَ مِنَ الْعَالِينَ
Sahih Inter...
I feel like making an source-verification question about them when I encounter, if I do that, such questions would flood the homepage
The Messenger of Allah (peace be upon him) said: "Every ummah has its majoose (fire worshipper) and the majoose of my ummah are those who say: "There is no Qadr (Predestination)' if they become sick! do not visit them and if they die do not witness them (i.e. to attend their funerals)". [Ahmad]
You should know that Muslims believe that Allah has a hand, face and in a way a body.
depending on the Qur'an "وجوه يوم اذ ناظره الى ربها ناظره" which means faces then are looking at God. another verse from the Qur'an "ويبقى وجه ربك ذو الجلال والاكرام" and also the verse "ثم استوى على العرش" thos...
yes, except for the part "غُفِرَتْ لَهُ ذُنُوبُهُ وَلَوْ كَانَتْ مِثْلَ زَبَدِ الْبَحْرِ" "His sins will be forgiven, even if they are like the foam of the sea" which has been pointed out by Al Albani
@yasar11732 fair enough. a lot of islamic finance is just banks trying to finagle non-islamic finance into some sort of islamically acceptable legalese.
as a general rule of thumb, if it doesn't involve riba, gharar or maysir, it's probably not haraam.
gharar = uncertainty. maysir = gambling.
i'm still trying to wrap my head around exactly where forward trading falls on the spectrum. in general, it seems to involve a lot of gharar since it involves buying things that don't exist yet; there's no way for either party to reasonably judge the actual value.
there's a number of hadiths wherein the prophet forbade selling things you don't posess.
There is something called Bai Al-Istisna, which is a form of Islamic trade contract which something non-existent but it's quality/number/properties is determined sold for a determined price
But as far as I know, you cannot sell which you don't have yet
it is. i'm still trying to wrap my head around exactly why that doesn't fall under "do not sell what you don't possess" though since that's pretty much exactly what it involves. :/
I was reading a (poorly written) essay recently, wherein a hadith was mentioned but not fully quoted. Allegedly, the classical fuqaha used it to forbid bay' al-kali bil-kali (Selling of debts for debts).
Beyond that, all I know is that it was reported by Ibn 'Umar, as related by al-Tabrani (sic...
i'm pretty sure that selling a debt for debt is forbidden by most if not all schools, but i'm having trouble finding authentic hadith on the subject in English.
http://www.sunnah.com/urn/513600 <-- "there enters into the transaction what is disapproved of: delay for delay. Delay for delay is to sell a debt against one man for a debt against another man."
the fact that money now even has an official "time-value" adds complexity to the topic that just plain wasn't around during the time of the prophet.
i don't think that's based on the primary sources, rather that's trying to explain why the primary sources say what they do.
to me, arguing about what money should be is mostly moot. the fact is, money is something that has time-value, so we need to figure out how to deal with it Islamically.
it just isn't feasible to have our own gold and silver-based sub-economy while the rest of the country uses fiat currency.
:All references to "dollars" in this article refer to the United States dollar, unless otherwise stated.
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.
Three types may be distinguished: specie, exchange, and bullion. In the gold specie standard the monetary unit is associated with the value of circulating gold coins or the monetary unit has the value of a certain circulating gold coin, but other coins may be made of less valuable metal. The gold exchange standard usually does not involve the circulation of g...
unfortunately, that also means a lot of the scholarly literature on the topic is of questionable value: if it involved fatwas based on gold-standard currency, they probably don't apply to floating currencies at all.
under the general rule of "any loan that brings benefit is riba", i could argue that lending money to anyone for anything is haram since there's no compensation for the time-value.
but that's unfeasible in and of itself.
if i loan you a hundred dollars, which you pay back after a year, that hundred dollars is officially worth less than when I gave it to you; you only benefited from that loan, while I did not.
if you pay me $110 to recompense the time-value, now that's interest.
In much of the modern world, currency is defined according to a "floating exchange rate." To the best of my knowledge, such an innovation was unknown during the time of the prophet, where the economy directly revolved around gold and silver.
Whereas before, while under the gold standard, "a dol...
Point number 2 says "In the event that inflation is expected at the time of signing the contract, the contract may be drawn up based on a currency or form of wealth other than that which is expected to fall, such as basing the contract on the following: "
And gold and silver is one of the things mentioned
while number 3 counts of things that a contract cannot be based on