Business and Dealings

Q: I have an approximate amount of 2.6 million in an investment with Al Baraka bank,with a monthly return plan. Do I need to give zakaat on it? If so, how much and how do I calculate?

Q: If we interpret various Fataawa then it seems we can purchase shares and then sell them. But some people say that if you purchase the shares speculating that they will go up and sell within few minutes or after an hour or after some days then it is gambling. They say that the sole purpose of share buying should be the partnership of the company. If we are buying shares in anticipation of getting higher price afterwards, it is haraam. According to some muftis the sole purpose of buying the shares should be the partnership in the company and not trading. My question is can I buy the shares of a permissible company and then sell it when the value goes up?

Q: We have customers who buy on credit. Is it permissible for us to tell them that we will give them a discount if they pay before the due date? For example, the customer purchases goods worth R100 000 on a three month credit basis. The customer is told, “If you pay within one month, you will receive a 10% discount”. Is this permissible? 

Q: Someone who works at a store whose main commodity is alcohol recently went for hajj. When he returned he bought us some dates, a prayer mat, tasbeeh and some zamzam water. Can we use these items knowing his income is derived from selling alcohol?

Q: Please advise if it is permissible to invest in gold stocks for companies owning gold mines, gold mutual funds, exchange traded funds or does one need to physically have the gold in one's possession?

Q: I bought a property from friend. We agreed to close our deal a year later. I paid him 40,0000 $ advanced. We signed a legal binding agreement. All good. After one year I asked to close our deal and he started asking more money. Property value gone up. I told him no, you are breaking your promise and agreement. He put pressure on me. Literally black mailing me. Otherwise I go to court and suffer more financial hardship. I surrender and promise verbally to pay 40k extra by taking a loan and paying him off. Now the deal is closed and I feel I should not give extra money that I don't even have but I feel bad that I am breaking my promise. Also I felt I was cornered. Please help me what should I do?

Q: A person wishes to purchase some goods from a certain furniture store but does not have the money at present. The seller tells him that he can buy the furniture on lay-by. Will it be permissible for him to purchase the goods on lay-by and how does lay-by actually work? Through lay-by, does one become the owner of the goods immediately or only when the goods are completely paid for?

Q: Is it permissible to work in an Islamic bank department within a conventional bank?

Q: Can I use death insurance money for yard fences and toilets? Also poor Muslims or non-Muslims?

Q: Can a Muslim use death insurance money and what can it be used for? For example if someone gives me that money, what can I do with it?