Dec 10, 2024 | Blog, Islamic Finance
Many of us take the prohibition of Riba lightly when in reality it is a major sin that we should not be involved in.Sheikh Ibn Uthaymeen رحمه الله states in his Sharh al-Mumti alaa Zaad al-Mustaqni (own translation):Riba is forbidden by the Quran, the Sunnah, the...
Nov 15, 2024 | Blog, Islamic Finance
A common concern amongst customers of Islamic financial institutions is in regards to the pricing or benchmarking of Shariah compliant products to the prevailing interest rate. In simple terms, if the prevailing interest rate is 2% and because of this a conventional...
Nov 6, 2024 | Blog, Islamic Finance
You can see quite a few Shariah compliant FinTech companies & startups operating with only a single Shariah Advisor or sometimes none at all. In a lot of cases this might be due to the cost implications involved of having more than one Shariah Advisor. However,...
Nov 6, 2024 | Blog, Islamic Finance
In certain jurisdictions, some Shariah Advisory Companies have been affected due to the implementation of Shariah Governance regulations.For example in the UAE, in order to ensure the independence of Shariah Committee members of Islamic Financial Institutions (IFIs),...
Nov 3, 2024 | Blog, Islamic Finance
Many stakeholders would prefer to see Islamic banks offering more profit & loss sharing products & services. However, this is very difficult due to the way banks are regulated and what they have been established for. Alternative Islamic financial institutions...
Nov 3, 2024 | Blog, Islamic Finance
If you apply for finance at an Islamic Financial Institution (IFI), you will usually be asked to sign a unilateral promise/undertaking to purchase the particular asset from the IFI once they have purchased the asset and subsequently have ownership and possession over...
