Islamic Values

Nisab for Zakat on Gold and Silver: The concept of Nisab stands at the heart of the Zakat calculation, serving as the threshold that determines Zakat eligibility. In Islamic finance, Nisab is defined as the minimum amount of wealth (in the form of gold, silver, or equivalent currency) a Muslim must possess before being obligated

Understanding Zakat on Gold and Silver: Zakat, a cornerstone of Islamic finance and one of the Five Pillars of Islam, is a compulsory act of charity that holds deep spiritual and social significance. This practice, rooted in Islamic tradition, goes beyond mere financial obligation; it is a demonstration of faith and a means to purify

The following is a summary of the section Kayfiyyat al-Istiftā’ wal-Fatwa (How Fatwa Appeals are submitted and Fatwas issued) from Ibn Hamdān al-Hanbali’s (695h) Sifat al-Fatwa. 1. Mufti’s Response to Inquiries: The Mufti should clarify inquiries either orally or in writing. If translation is needed due to the inquirer’s language, it must be done reliably.

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:

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.

Princeton theological seminary recently announced that it would be awarding 27 million dollars in scholarships as reparation for its involvement in the history of slavery, although it – as an institution – was not involved in the slave trade itself. The PTSEM was founded in 1812. While it did not own slaves, it did benefit from the slave economy through investment.  By doing business with Southern banks and accepting donations from those who profited directly and indirectly from slavery. Its founding faculty and leaders used slave labor during their lifetime.

What is an insurable interest,
how insurance companies are structured,
and how they invest the insurance pool (i.e. the money that you pay for the policy).