Category Archives: Insurance

Ruling of Recording and Presenting Witness in Debt

Ruling of Recording and Presenting Witness in Debt

Ruling of Recording and Presenting Witness in Debt

In the name of Allah, peace and prayer of Allah be upon His messenger, amma ba’du.

Islam urges that transaction of debt that takes place among people should be recorded. Allah decreed,

يَا أَيُّهَا الَّذِينَ آمَنُوا إِذَا تَدَايَنْتُمْ بِدَيْنٍ إِلَى أَجَلٍ مُسَمًّى فَاكْتُبُوهُ وَلْيَكْتُبْ بَيْنَكُمْ كَاتِبٌ بِالْعَدْلِ وَلَا يَأْبَ كَاتِبٌ أَنْ يَكْتُبَ كَمَا عَلَّمَهُ اللَّهُ فَلْيَكْتُبْ وَلْيُمْلِلِ الَّذِي عَلَيْهِ الْحَقُّ وَلْيَتَّقِ اللَّهَ رَبَّهُ وَلَا يَبْخَسْ مِنْهُ شَيْئًا

Believers! Whenever you contract a debt from one another for a known term, commit it to writing. Let a scribe write it down between you justly, and the scribe may not refuse to write it down according to what Allah has taught him; so let him write, and let the debtor dictate; and let him fear Allah, his Lord, and curtail no part of it. (Chapter al Baqara/The Cow:282)
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7 Principles in Debt Collecting (Part 02 – Finished)

usury

7 Principles in Debt Collecting (Part 02 – Finished)

Author: Ustadz Ammi Nur Baits (Advisory Board of Konsultasisyariah.com)

In the name of Allah, peace and prayer of Allah be upon His messenger, amma ba’du,
In the previous article , we’ve discussed about 2 principles in debt collecting. In this article below, we’re going to elaborate about the rest 5 principles, and here is the details.

Thirdly, lending money is included in social transaction, as a righteous deed. Threfore, people who lends his money is not allowed to take profit from the debt (the money he lent) in whatever form before the debt is paid off.

Fudhalah Bin Ubaid –may Allah be pleased with him- said,

كل قرض جر منفعة فهو ربا

“Every credit that yields profit, the profit is usury”
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Ruling of Bank Deposit

Ruling of Bank Deposit

Definition of Bank Deposit

Author: Ustadz Said Yai Ardiansyah, MA

One of the products issued by bank is deposit. Deposit is a kind of saving that can not be withdrawn until the certain period of time agreed ends, with the benefit of obtaining percentage of profit from the deposited money. If it is drawn before the its due time, then the bank will charge the owner with some fines.

The example is as follows:

Joko wanted to save his money in deposit account. He deposited IDR 50 millions of his money in 3 months period. The interest rate of deposit is 5% per year, thus, in each month, he received = IDR  50 millions x 5 % : 12 months =IDR 208.333,33. Next, the sum is charged with income tax of 20%, hence, in three months, Joko received IDR 208.333,33 x 3 months = IDR 625.000,00 before taxed.

Joko needn’t to worry about the money he deposited, since it certainly yields profit albeit small. Even though the bank goes bankrupt, or suffers from losses, it still has to pay the profit/interest of his money.
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The Ruling of Discount Card

The Ruling of Discount Card

The Ruling of Discount Card

Question: Ustadz, I was offered a discount card by one of the abaya stores. What is the ruling of it? We should pay IDR 20.000 to get it. The stipulations are:

The stipulations of Member Card of MayMay Abaya: 1. This card is a member card and it functions as a discount card for product sold at MayMay Abaya. 2. Kindly fill in your name, ID number, and phone number on the provided sheet. 3. Additional discount of 5% for every purchasing of 1-10 pcs (after the discount on the price list). 4. Additional discount of 2% for purchasing over 10 pcs (after the discount on the price list). 5. The 2% discount applies for agent/distributor of MayMay Abaya (after the discount on the price list). 6. This member card is valid to be used at all outlets of MayMay Abaya and online store. 7. This member card is not valid to be sued on certain occasion or events. 8. This member card is valid for 2 years as written on the front the card. 9. Please show your member card and number on every transaction. – Happy Shopping – * It is available online or offline at the outlet of MayMay Abaya by paying IDR 20.000 and is valid for 2 years.

From: Gusrina Sar
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Ruling of Receiving Scholarship from Bank

Scholarship from Bank

Ruling of Receiving Scholarship from Bank

Dr. Kholid al Musyaiqih once was asked about the ruling of one receiving scholarship given by bank in order to continue his study to a higher level of education. It has no requirement, and he doesn’t work at the bank.

He answered:
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