Trade

Q: Is forex trading using an Islamic broker account permissible?

Q: Is it permissible to buy products on credit if I do not know the price of the product? For example, I order some things, the seller delivers the products to my house, and I say that whatever the money is, I will pay at a later time. I don’t know the price of the products while buying. Is the transaction valid?

Q: I purchased an item for R10 000. However, I have only paid R1 000 so far, and the rest of the R9 000 will be paid later within a set time period. When I have not paid fully for the item, can I sell it to someone else?

Q: A website is selling books at a discounted price. Whoever buys books for more than R250 gets a free bookmark. Whoever buys books for more than R750 gets another book free. Whoever buys books for more than R1499 gets free home delivery.

I want to know if transactions like these are valid where the seller gives a gift if the buyer buys products of a certain amount of money?

Q: I am a LP gas distributor. We supply retail and wholesale customers. We collect empty cylinders from the customers which are then exchanged for full cylinders. Customers only pay for the gas inside the cylinder. Sometimes customers return cylinders that still have gas inside for exchange. We are able to ask the retail customers if they want to return cylinders that still have gas inside as this is a loss to them. Most of them are fine with the loss. However, it is impossible to check with the wholesale customers as the cylinders are returned first to the wholesaler who then returns them to us. As a result we receive an average of 250-350 kg free gas per month.

1. Can we re-sell this gas that comes back from the customers?

2. If it is not permitted, what should we do regarding our past sales from this 'free' gas?

3. The retail store is run entirely by non-Muslim staff. Is it permissible for the shop to remain open during Jumuah?

Q: Since there are lots of rules of a valid transaction (I have read in Behishti Zewar), if a person purchases something with an invalid transaction, will that thing be haraam for him to use or eat?

Q: Is it halaal for someone to patent his idea, invention or design? Also, is it halaal for him to earn through his patents?

Q: I would like to know if I can deal in the following ways:

1. Sell a product on an online platform and receive payment (part or full) but the product is not in my possession.

2. Sell a product on an online platform and receive payment (part or full) but the product is in the stock of my supplier who promises to send me when I have confirmed the order.

3. Being the official rep of a particularly expensive but slowly moving product, can I take orders with part or full payment and then place the order with my supplier?

Q: While doing wholesale business with Amazon, one buys the product from a seller in another country and then drops it off at Amazon. We shall be advertising the product and Amazon will be responsible for storing, packaging and shipping of the product and it will charge us fee for these services. Is this method of sale correct.

Q: Forex trading currency through mobile app from standard bank. Money is transferred to shyft in rands, which can be used to purchase at any time through a physical card or virtual card. Rands can also be traded for four specific currencies. These currencies, if in possession can also be used for purchasing through a virtual card. From what I read, no interest is involved and no hidden costs. Only fees for trading between currencies and amount is agreed before confirming transaction. This is called shyft from standard bank.

Is it permissible to use?