Category: Finance & trade

Finance & trade

Ruling on health insurance

by Mufti Syed Hussain ibn ImamuddinLeave a Comment on Ruling on health insurance
Ruling on health insurance

Question:

In Holland we have basic health insurance which is compulsory upon the public, it covers basic healthcare like the GP, in some cases physiotherapy, nutritionist and the hospital. If for example I need physiotherapy which is not covered in the basic insurance I can take an extra package where it is covered and other things as well. Without the extra package it can be expensive. The dentist is not covered either in the basic insurance. Some treatments are very expensive so that’s why they have a separate package for dental care too. So will it be permissible for me to purchase the extra package?

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Finance & trade

Ruling on premium bonds

by Mufti Syed Hussain ibn ImamuddinLeave a Comment on Ruling on premium bonds
Ruling on premium bonds

Question:

What is the Islamic ruling on premium bonds? If I was to purchase £10 in premium bonds which I can sell back to the government whom I bought them from. I will receive the same amount of money no less or no more, regardless of how long I have kept them for. There’s also a chance that my number could be drawn and I can win an amount. £25 to £1m. Will this be permissible for me?

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Finance & trade

Ruling about 2% incentive on remittance given by the government of Bangladesh

by Mufti Syed Hussain ibn Imamuddin
Ruling about 2% incentive on remittance given by the government of Bangladesh

Question:

The Government of Bangladesh is currently giving a 2% incentive on money sent by expatriate Bangladeshis, e.g. If you are a Bangladeshi national sending money back home, the government will add 2% to your transfer. The 2% incentive will be given to remittance receivers either as cash or into their bank accounts. Is it permissible to accept that 2% incentive or will it be considered as interest?

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Finance & trade

lending someone money (qardh) with the condition of paying zakat on that amount

by Mufti Syed Hussain ibn Imamuddin

Question:

Will it be permissible to lend someone money (qardh) with the condition of paying zakat on that amount? For example: one is to lend £2,000 for 2 years, adding condition for the borrower to pay zakat on that amount for the duration of 2 years on behalf of the lender.

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Finance & trade

Ruling on The government Bounce Back Loan Scheme

by Mufti Syed Hussain ibn Imamuddin

Question:

Is it permissible for a muslim to take out the government Bounce back loan, which is currently interest free for the first year? If one intends to pay the loan back within the first year but is also weary of the fact that if he/she is unable to pay it back for some reason then interest will be added to the loan. This is a government backed loan which means that the government takes liability to pay it back if the business can’t pay it back.

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Finance & trade

Ruling on working as a delivery driver for companies like uber eats, deliveroo etc where the job role is to deliver food/drink which may be halal or haram

by Mufti Syed Hussain ibn Imamuddin

Question:

Is it permissible to work as a delivery driver for companies like uber eats, deliveroo etc where the job role is to deliver food/drink which may be halal or haram?

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