Business and Dealings

Q: I have an account in the bank. Yearly I get interest from the bank. Is it legal in Islamic law to earn interest from the bank?

Q: Can interest money be used to pay the import duty, taxes, anti-dumping (AD), and countervailing duties (CVD) which a government levies on imported goods?

Anti-Dumping Duties (AD): "A protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value...They come into play when a foreign company is selling an item significantly below the price at which it is being produced. The logic behind anti-dumping duties is to save domestic jobs, although critics argue that this leads to higher prices for domestic consumers and reduces the competitiveness of domestic companies producing similar goods." [http://www.investopedia.com/terms/a/anti-dumping-duty.asp#ixzz3ZkRuXZqq]

Countervailing Duties (CVD): Countervailing duties (CVDs), also known as anti-subsidy duties, are trade import duties imposed under World Trade Organization (WTO) rules to neutralize the negative effects of subsidies. They are imposed after an investigation finds that a foreign country subsidizes its exports, injuring domestic producers in the importing country." [http://en.wikipedia.org/wiki/Countervailing_duties]

Q: Is it permissible to work at a bank in the fraud investigation department?

Q: A young man gets a car from his father. The car is registered on the father's name though. The father takes out insurance on the car against the young man's wishes. The young man meets in an accident costing 50 000 for the panel beaters. Now he has to claim from insurance since that's what the father had been paying for etc. Later, the cars window gets broken, the young man wants to pay for it with his own money to avoid getting involved in haram insurance, the father gets it repaired with insurance. Through this the young man had to become involved in the transaction because he had to take the car in, get quotes etc, because it's his car, would his involvement in this respect be sinful? What should he have done otherwise

Q: I would like to know if the Ulama know of any business/firm or entity in which an actuary can practise his/her profession at?

Q: I have some money in the form of foreign currency which I bought for investment purpose a year ago at 15.75/ unit of currency. Now one of my friends needs some money and he approached me to lend him some amount for a few months. As I don't have money in the form of Pakistaani Rupees, I told him to take foreign currency from me and get it exchanged with Pakistaani rupees. But I put one condition that I have bought that currency @ 15.75/unit and now the market rate of that currency is 13/unit. I gave him 3000 units of currency no matter at which rate he will sell those units in the market but he will have to return me the money @ 15.75 on which I originally bought that units. For example if now he sold that 3000 units @ 13 in market he will get Rs.39000 but he will have to return me the money @ 15.75 which becomes Rs.47250. Is getting that extra amount justified by Shariah? Is it a Halaal transaction to do?

Q:

1. Say I place advertisements for commodities that I do not have possession of. The advert will not mention that I do not currently possess such items. Anyone seeing the advert the will be given the impression that I do possess such items, but no lie/deception will take place. Then when customers contact regarding these products I will take down their orders, but not take payment. Only once I purchase and physically possess these items from my supplier, I will then contact the customers regarding payment. Is this manner of advertising commodities that I do not have possession of permissible?

2. After paying the supplier for the product, the supplier sends it to me via a courier company. Whilst this product is still travelling to me across the country in the possession of the courier company, but nevertheless after I have paid for the product, can I sell such a product to a customer?

Q: I lost money from my hand bag which I failed to zip up properly when in the shop. Will this lost money be counted as a form of sadaqa for me?

Q: I need my cousin to invest 50 000 for a service that I offer which is finding clients for private electricity pay as you go meters. My cousin is asking me to pay him back with extra benefits (cash) which I think is above the loan amount. Is there a special deal we can make to meet his requirements because I really need this as capital or is borrowing from absa shariah loans a better way to go?

Q: My cousin needs to buy transportation for his business and needs money. He said he will give a fixed small amount of money every month from his income until he returns my complete money. He will not accept the money from me for free. So is it permissible for me to accept the extra money that he will be giving me?