Islamic laws of inheritanceWhile modern reforms and changes have influenced several fields of Islamic law, the detailed classical inheritance structure has been one of the enduring legacies of classical Islamic law or the Shari’a.
The formal inheritance rules have several distinctive features. First,...
Friday, January 21, 2011
Ruling on taking possession of haraam wealth by means of inheritance
[Read More...] - Ruling on taking possession of haraam wealth by means of inheritance
Monday, January 17, 2011
Charity to whom
Zakat or giving 2.5 percent of one's earnings as charity is an important religious tenet laid down by the Koran. It is customary for Muslims who live away from home to come back during Ramadan to perform Zakat during the Ramadan celebrations after feeding the poor and needy or send their Zakat contributions...
Sunday, January 16, 2011
Presentation of Financial Statements
Since accounting is very much to do with providing information to assist users of financial information to make sound decisions, financial reporting needs to be different in order to serve the different users.Major groups of financial report users for a financial institution are:-Shareholders
Account...
Riba And Mortgages
We speak to bankers, both Islamic and conventional, and laymen, both sincere and cynical, and compile twenty-one of the most commonly asked questions about riba and mortgages:
He's a good Muslim. He prays, he fasts, he pays zakat. He regularly performs voluntary acts of obedience. He's a caring family...
Wednesday, January 12, 2011
Give charity apart from Zakat
(In the Name of Allah, Most Gracious, Most Merciful, all praise and thanks are due to Allah, and peace and blessings be upon His Messenger)Islam teaches us the lesson of helping the poor and the needy in the time of need when they are most deprived of things that are otherwise the necessities of life....
Tuesday, January 11, 2011
Zakat Pay by Muslim
Zakat is the practical recognition of this fact through the expenditure of money. Islam requires man to consider his personal wealth as belonging to Allah and, therefore, to set apart a portion for Him. No maximum limit has been prescribed, but a minimum limit has definitely been fixed. According to...
Monday, January 10, 2011
Zakat as projected in the Holy Quran
(In the Name of Allah, Most Gracious, Most Merciful, all praise and thanks are due to Allah, and peace and blessings be upon His Messenger)Zakaat is an obligatory payment that has to be paid by every Muslim adult who is able to pay the amount that is imposed as per the Islamic measurement of such payment....
Sunday, January 9, 2011
The obligatory Zakat
Zakat is one among the five pillars of Islam. It is applicable only to those who posses a considerable amount of wealth, which is called as nisaab in Islamic terminology. Zakat payment is an obligation which affirms obedience of man to His creator and eases the sufferings of poor.The word Zakat in...
Thursday, January 6, 2011
Sources of wealth: Fulfilling Engagements
Sources of wealth in Islam are defined in the Qur'an and Hadith. Man is totally responsible for the way he chooses to exploit his wealth.These sources are:A. Natural sources.B. Exchange of commodities.C. Work for a salary.D. Inheritance.E. Wealth given or shared by Muslims.God providesAccording to...
Wednesday, January 5, 2011
Means of Income in Islam: Inheritance
Laws of inheritance in Islam are very strict and are precisely detailed. It in incumbent on every Muslim to abide by these laws.Inheritance:Inheritance in Islam is a right and an obligation for every Muslim leaving wealth. The rules of inheritance are specified in details. The following verses explain...
Tuesday, January 4, 2011
Laws of Inheritance in Islam
Inheritance:Inheritance in Islam is a right and an obligation. The rules of inheritance are specified in details. The following verses explain these rights:‘To every one, We have appointed sharers and heirs to (wealth and property) left by parents and relatives.' 4: 33‘Unto the men (of the family)...
Monday, January 3, 2011
What The Concept Of Zakat In Islam
Charity towards man, in the widest sense of the word, is the cornerstone of the Islamic society and a constant theme in the Quranic teachings. There are two kinds of charities in Islam: the obligatory and the voluntary. The obligatory charity is called Zakat while the voluntary charity is called Sadaqah.The...
Sunday, January 2, 2011
Zakat in Islam
The economics of zakat and its relevance to modern times is a hotly debated issue among both religious and liberal Muslims. This series of articles will attempt to explain the concept of zakat in the light of only the Quran and the faithful implementation of this concept by Prophet Muhammad (peace...
Saturday, January 1, 2011
Exchanging this Life for the Hereafter
The Islamic precept in economic action is that God bestows wealth and man must use it in the way of God while not forgetting his portion of it in the worldly life.In a Muslim community hoarding and monopolizing of wealth are considered wrong doing and are forbidden.Muslims ought to spend of their...
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