The Use Of Credit Cards

Contemporary Fatawa, Economics, Fiqh

Q. Kindly throw some light on the use of credit cards, which are floating in the market. Majority of these cards belong to Professional banking institutions, such as American Express, City Gold Card etc. However, some cards are issued by companies such as Diners club etc, which are not themselves banking institutions. Please explain the ruling of Shariah about both these cards. In your reply please cover both the aspects of using credit cards, first as holders of the card, used to offset the purchase price and second, when we accept these cards as sellers.
(Muhammad Salman, Karachi)

August 1, 2010

Riba (Interest), Its Meaning And Application

Contemporary Fatawa, Economics, Fiqh

Q. Respectable Mufti Saheb : Kindly forgive me for intruding on your precious time and specially during the Holy Month of Ramadan when you will be too busy. Also please forgive me in addressing this letter in English as perhaps I may not be able to express myself more clearly in Urdu.

You have been making research on various Islamic laws and principles which remain not clear in minds of people like me who have no knowledge or study of matters. As a learned scholars and having vast experience and knowledge of both Islamic Laws and practices of modern period, I hope to get a rely of my query from you. Matter is the same old one- what is the position of bank interest or profit – by whatever name it is called according to Shariah. To express whatever I understand I give below my feelings:-

June 18, 2010

Defects in an item

Economics, Part 5-Principles of Business

1. When selling an item, it is wajib on the person to show all the defects that may be found in it. It is harâm to conceal the defects and to convince the person into buying such an item.

2. After purchasing an item, a person noticed a defect in it, e.g. a woman notices that a cloth has been eaten up, a shawl has some moths in it or she notices any other defect. She now has the choice of keeping the item as it is, or returning it to the seller. However, if she decides to keep it, she will have to pay the full price of the item. It is not permissible for her to reduce an amount from the total price as a compensation for the defect. But if the seller agrees to reduce the price because of the defect, it will be permissible for her to pay less.

May 21, 2010