Lesson 13 Flashcards
What is the literal meaning of riba
To increase
What is the shari meaning of riba
The extra wealth which is earned without any benefit or gain
What is the rule when exchanging two commodities that are the same
Their quantities should be equal even if their qualities are different
The excess quantity given is considered riba
What is the rule when exchanging two commodities that are NOT the same
Their quantities can be different and the difference WILL NOT BE considered riba
List the comprises that’s re different to each other
Olives is different to olive oil
Dry dates are different from fresh dates
Raisins are different from grapes
Wheat is different from flour
Maize is different from maize flour,
What is riba with loans
To take a loan with the condition that when the loan is repaid an extra amount has to be paid with the original amount, then this extra amounts riba.
What is riba in overdrafts
Overdraft facilities are provided by banks to accountholders. It allows the accountholder to withdraw more money from the holders account than the holder actually has. The condition is that the accountholder has to pay interest (riba) on the excess amount
Islam prohibits us from riba why
To strengthen our Imaan and carry out the commandments of allah thereby attracting his mercy
Make an effort t on our part on earning incomes from halaal sources
Place our trust in allah that he will protect our assets and also give us barakah in our earnings and let it suffice for our dependents
Utilise our surplus wealth in channels of zakaah lilah, to assist the less fortunate
What is the Islas mix alternative of insurance
Takkafful
The contributed capital amount of each member would be invested in a “Mudharabah” scheme; i.e. a scheme wherein only the capital outlay (not labour) is provided by the investors. Thereafter individuals will be appointed whose duty will be to set up businesses with the capital. These individuals will provide only the labour and no capital. The capital outlay will remain the property of the investors but the profits generated from the business ventures will be shared between the investors and the labourers at a mutually agreed percentage ratio.
