Is Blockchain allowed in Islam? (The Digital Economy: Case Study 2 – Part 2/4) Write your view in the comments below: “Allowed” or “Forbidden”. Then read till the end for the answer. Let us look at some of the characteristics of a Blockchain: 1) It is similar to the process of having the information audited …
Is Blockchain allowed in Islam? (The Digital Economy: Case Study 2 – Part 2/4) Read More »
Is Public Distributed Ledger (PDL) allowed in Islam? (The Digital Economy: Case Study 2 – Part 1/4) Write your view in the comments below: “Allowed” or “Forbidden”. Then read till the end for the answer. A Publicly Distributed Ledger, is a set of information (Ledger) that is made Publicly available and copies of which are …
In Islam, should the dairy farmer sell the milk to a wholesale distributor at the farm, or directly to the clients in the city? (Case Study 1 – Part 1/3) 1. Write your view of what Islam prescribes in the comments below: “Wholesale Distributor” or “City Client”. Then read till the end for the answer. …
Do you know if trading Shares is allowed in Islam?(God’s proposed structure – part 17) 1. Shares is a legal contract evidencing ownership in a company. 2. Buying or selling shares requires a process of legal documentation and registration to ensure legality of the transactions and avoid fraud. (Similar to all the legal and registration …
Do you know if trading Shares is allowed in Islam?(God’s proposed structure – part 17) Read More »
Do you know the Social Safety net for businesses/individuals proposed in Islam? (God’s proposed structure – part 16) Sahih Muslim Hadith 3981 (1556) (The creditor should take whatever amount is available): Narrated from Abu Said Al-Khudri (RAA): that during the Messenger of Allah’s (PBUH) lifetime, a person suffered losses due to the fruits he had …
Do you know there is NO concept of financial insurance, in Islam? (God’s proposed structure – part 14) Let us examine the structure of Insurance in four ways: Sunan Abu Dawud Hadith 3451 (Concerning Fixing Prices): It was recorded that Anas bin Malik stated: “The people requested: ‘O Allah’s Messenger, the prices have gone too …
Do you know that in Islam you can set different prices for cash and credit transactions, as long as you only choose one of them? (God’s proposed structure – part 13) Jami At-Tirmidhi Hadith 1231 (Relating To The Prohibition Of Two Sales In One): Narrated from Abu Huraira: “The Messenger of Allah (PBUH) forbade having …
Do you know only the seller has the right to set the price, by mutual consent, in Islam? (God’s proposed structure – part 12) Sahih Al-Bukhari Hadith 2106 (Regarding the owner of a possession has to suggest a price for it): Anas (RAA) Narrated: The Prophet (PBUH) asked, “O Bani Najjar! Suggest a price for …
Do you know that fixing a price is forbidden, in Islam? (God’s proposed structure – part 11) Sunan Abu Dawud Hadith 3451 (Concerning Fixing Prices): It was recorded that Anas bin Malik (RAA) stated: “The people requested: ‘O Allah’s Messenger, the prices have gone too high, fix these prices for us.’ In response the Messenger …
Do you know how critically central family is to the socio-economics of Abrahamic religions, including Islam? (God’s proposed structure – part 10) The Fifth Commandment [Bible Exodus 20:12] states: [12 “Honor your father and your mother, that your days may be long in the land which Yahweh your God gives you.] Sahih Al-Bukhari Hadith 2067 …
