Islamic Finance

Spanish Rice Paella - Photo by Young Shih on Unsplash

Cooking Rice, Not Engineering It: Al-Shatibi’s Guidance on relevance in Usul al-Fiqh Studies

Consider the process of teaching someone to cook rice. You wouldn’t initially throw them into a deep discussion about the variations among Fahrenheit, Celsius, and Kelvin, right? That would be like tossing them into a whirlpool of confusion. Instead, the initial focus should be on the essentials: how to proportion the rice and water, when to adjust the heat to a simmer, and the signs of perfectly cooked rice. The intricate understanding of temperature scales is a knowledge layer that can be added later once the basic practicalities are mastered.

Along these lines, Abu Ishaq al-Shatibi, in the fourth introduction of Al-Muwafaqat, stated:

Photo by Abdulmeilk Aldawsari: https://www.pexels.com/photo/monochrome-photo-of-opened-quran-36704/

Is it Forbidden to Pay Riba? Or is it only forbidden to charge it?

Recently someone presented to me the opinion or the assumption that it’s not forbidden to pay interest, it’s only forbidden to take interest claiming that there’s nothing in the Quran. That would indicate that it’s forbidden to pay interest. I wanted to take a moment and address this issue because I think it’s something that all of you should be concerned about.

What makes a crypto coin Shariah Compliant?

For those of you concerned with the Shariah compliance of the coins you are buying, Asking yourself these 5 questions will help guide your coin selection:
#1 – It is a store of value.
#2 – It is a medium of exchange.
#3 – Transparency about recourse.
#4 – Tokenomics are not ponzi-esque.
#5 – It has an established or projected, permissible real world use case.

A note on Cryptrocurrencies and How Islamic Law Creates Rulings

On this page you’ll find the following: Video from the Association of Muslim Accountants and Lawyers, Durban SA My article: “A note on Bitcoin and the epistemological foundations of Islamic law” AMAL workshop on Cryptocurrency , Bitcoin and Islamic Perspective -Bitcoin and How Islamic Law Creates Rulings | Shaykh Joe Bradford The Article:  There seems …

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Isn’t Drop Shipping Haram? No, and here’s why

When discussing any business model, it’s important to drill down on the mechanics of each deal and understand how it differs compared to similar businesses and methods of selling.[emaillocker] So what is drop shipping?  Drop shipping is a supply chain management technique in which the retailer does not keep goods in stock but instead transfers …

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