THE HARAAM RIBA ‘MUSHARAKA’ SHENANIGANS OF ALBARAKA BANK Question I would like to know more about how the concept of musharaka. How does it work? I have been dealing with Albaraka Bank. However, I no longer accept anything which Albaraka does. Allow me to explain to you their concept of musharaka. I have a property…
Tag: Partnership
A few Zakaat related Queries
Q. How do we calculate Zakaat on a partnership? A. Calculation of Zakaat is quite simple. Zakaat is paid on all Zakaat assets on hand. Treat Zakaat separately – apart from the business. Each partner has to pay his own Zakaat on whatever Zakaat assets belong to him. It is not permissible for one partner…
Shares | What are they?
Sometime ago we were informed that a senior Aalim had opined that a public company could be regarded as a valid shirkat (partnership) undertaking. The grounds for this opinion of the respected Mufti Saheb were given as, follows: • The concept of the independent legal’ existence of the company is a fiction of law. •…