Islamic Banks and Equities

Q:

  1. Could you please explain the rulings regarding Banking with Islamic Banks (Absa Islamic, Albaraka, Etc). A friend of mine said to me it is all a scam and the Scholars involved are there to make a quick buck, and I should regard the profits as interest? Is this correct and what is your advice and explanation if possible, as i would like to take it up these banks for an explanation?
  2. Similarly, what is the ruling regarding investing in Equities with scholars on their board (Albaraka Futregrowth, Oasis Cresent, Etc.?)

Euthanasia for animals

Q: A friend of a friend owns an elderly cat who is quite ill- heart trouble and kidney disease etc. Vets have told her not to waste money on medication but rather have the cat put down to put it out of its misery.  She wants to know if this is jaaiz. Very interesting question.  Basically is euthanasia allowed for animals?

Auto circumcision

Q: Is auto circumcision, i.e.: those who keep their foreskins permanently retracted recognized as a valid circumcision in Islam? After all, it meets all the requirements for circumcision in Islam, i.e.: by exposing the entire glans and ensuring that the private parts are clean before offering prayers. The only difference is that the foreskin is NOT REMOVED. Besides, by keeping the foreskin permanently retracted, the person already has the desire to be circumcised even though he has not undergone the operation.

Credit insurance

Q: Is credit insurance permissible i.e. to secure high risk debtors against payment default, there are companies such as Credit Guarantee that take a percentage of the invoice value of the particular debtor with the agreement that should the debtor default on its payment to the company, then Credit Guarantee would make good the payment to the company.

Interest on overdue accounts

Q: We do not charge interest on overdue accounts, but we find that because of this, both Muslim and non-Muslim companies take advantage and delay the payment of their accounts. Is it permissible to charge interest on their overdue accounts because of this? If it is permissible then what should be done with the interest money? If not, then what is the alternative?