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Business and Dealings

Business and Dealings (2800)

Advance Payment Guarantee

Submitted by user2 on Wed, 2023-09-06 08:02

Q: We are in the construction industry and we use a contract known as an Advance Payment Guarantee and I want to know if this is acceptable please.

Basically, we pay a large percentage of a subcontractor's scope upfront. A third party acts as a guarantor that if the subcontractor fails to deliver (either works or materials) they will pay us back what we have paid upfront.

Please advise if this arrangement is acceptable

Category: 
Business and Dealings
Collaterals

Unofficially extending a flat

Submitted by user2 on Wed, 2023-09-06 07:54

Q: Sometimes people extend their flats either by one or two extra rooms or balcony unofficially both in private or government setup like DDA flats. These extensions are done at mass level. Nobody is getting harm or any trouble due to this extension. Kindly tell me if this type of practice is allowed in Islam?

Category: 
Business and Dealings
Various masaail of Business and Dealings

Using the profits from an FNB Islamic savings account

Submitted by user2 on Sat, 2023-08-26 07:55

Q: I am using FNB Islamic Banking and got a savings account where I got some money in that account.At the end of every month FNB gives some amount as your Islamic Profit Share of the amount that you got in savings account. Is it halal to use that money?

Category: 
Business and Dealings
Interest and Gambling
Bank benefits and Credit card reward programmes

Sale of different currencies

Submitted by user2 on Sat, 2023-08-26 07:47

Q: I am a collector and I collect banknotes from various countries. A few days ago, I bought a few foreign banknotes online from a website, I paid the amount and a few days later, the banknotes were delivered to me. Was this transaction haram as the purchase was not done hand to hand? And if it was haram, what am I required to do?

Category: 
Business and Dealings
Trade
Gold, Silver and Money

Muslim woman working

Submitted by user2 on Wed, 2023-08-23 07:37

Q: I am a 19 year old Muslim female. I want to do a vacation job because I am on holiday from university. I will be working in a ladies only environment, doing administrative work. I live with my retired grandparents and younger sister. My parents are deceased.

Is it permissable for me to take this job to earn extra pocket money and to build up experience that will benefit me later on?

Category: 
Business and Dealings
Women working

Favouring a contractor who is one's friend after closing a tender

Submitted by user2 on Mon, 2023-08-21 08:34

Q: 3 Companies were invited to construct a building. They were invited which would mean that they are all of equal stature. We were all in by the client prior to the tender closing and where the client advised us of his needs. We received the tender results but were advised a few days later that all three prices were too high for the client. I asked asked if we could assist and negotiate with the client to lower our price to come in line with the client. We were then advised that the client had negotiated with the company that had the highest price. It is common knowledge that the client and this contractor are friends and possibly family. Is this Nepotism and is this allowed in Islam.

Category: 
Business and Dealings
Trade
Various masaail of trade

Earning by investing some money by liking and subscribing to different YouTube channels and uploading them to an app

Submitted by user2 on Mon, 2023-08-21 08:31

Q: There is an online app in which you get a daily job by investing some money by liking and subscribing to different YouTube channels and uploading them to the app. It gives daily money on account of investment. Like invest 15000 rs and have to do 10 daily tasks and get 600 rs daily. Is it halal?

Category: 
Business and Dealings
Trade
Valid & Invalid transactions

Management charging an employee a fee for errors committed and distributing it in charity

Submitted by user2 on Mon, 2023-08-21 08:24

Q: Is the following condition permissible ?

Contribution of R50 by the employee to a charity for any errors/mistakes at management’s discretion. "The Company" will be the representative of the employee and will handle any relating contributions.

DECLARATION:

I ______________________________, approve "The Company" as my representative to contribute R50 to a charity of their choice from my wage/salary for any errors/mistakes committed.

Category: 
Business and Dealings
Taxes and Fines

Trading in different currencies

Submitted by user2 on Mon, 2023-08-07 08:32

Q: Zaid sent a parcel of GBP in cash to Bakr, with the intention of selling it to him for ZAR. Bakr inspected the notes, because some of them were old, and they both agreed on an exchange rate.

After a few days, Zaid subsequently sent his agent to collect ZAR notes from Bakr. Bakr did not give the entire amount. After a week, Bakr made an EFT of the remaining amount in ZAR.

(1) What is the status of the ZAR notes received from Bakr? If the money is haraam, what should be done with the money?

(2) What is the status of the money received via EFT from Bakr? If the money is haraam, what should be done with the money?

Category: 
Business and Dealings
Trade
Gold, Silver and Money

Loaning someone money and asking for a profit in return

Submitted by user2 on Mon, 2023-08-07 08:30

Q: Is it permissible for me to lend someone money as a personal and ask for a profit in return. (The money will be used for business - I am not asking for a profit from the business).

The profit on the loan is fixed at 10% per annum. Then another 10% is added to the outstanding balance at the end of each year until fully paid. The term is fixed for 6 months to repay the loan.

Category: 
Business and Dealings
Loans & Debts
Loans

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