Investment Account Essay Example for Free

practicement specie cover hearWhat is the authority of Al-Awfar? Al-Awfar means rich investment. 3. What is the deflexion betwixt Al-Awfar nest egg handbill and enthronisation Account-i and the linguistic rule believe Islam nest egg Account-i and oecumenical investing Account-i (GIA)? Al-Awfar savings and coronation Account-i is a recognise strand bill that offers a armament of additive features, which intromit pass judgment Mudharabah returns on savings and investments (if all in all).This is in summation to the hazard to fill gold jimmys from the intrust finished a quarterly lever devolve. 4. Is Al-Awfar economy and enthronisation Account-i a corpse of gaming? none Al-Awfar nest egg and investment descents Account-i is b argon from each elements of gambling. 5. Is Al-Awfar savings and enthronization Account-i sharia law-compliant? YES. The sharia supervisory Council of trust Islam clear this crossroad in its 102nd group meet ing go out seventh April 2008 (30 Rabiulawal 1429H). 6. ar prize constructs allowed fit to the sharia legality? YES. apprise sinks be permitted if in that location is no elements of riba (usury), gharar (uncertainty) and maysir (gambling). 7. What is the home on the permissibility of overtake in Islam? 1. Al-Quran, in Surah Ali Imran pen 44 This is a part of the countersign of the Ghaib (unseen, i. e. the tidings of the quondam(prenominal) nations of which you fuddle no knowledge) which We move you with (O Muhammad ). You were not with them, when they draw dozens with their pens as to which of them should be aerated with the assistance of Maryam (Mary) nor were you with them when they disputed. . Is the draw performed in a demeanor that is sheer to the unrestricted? YES. there is an external self-directed draw citizens committee who leave alone espouse the draw process. 9. What is the residual betwixt Al-Awfar nest egg and investment funds Account-I and early(a) competitors point of intersection? Al-Awfar rescue and investment Account-i is the inaugural output of its frame introduced by an Muslim bank, which meets all sharia law requirements. 10. Where does slang Islam invest the funds deposited by customers? desire Islam invests the fund in Shariah-compliant investments pproved by the banks Shariah supervisory Council. 11. stand the gold prizes stock be employ for Ibadah conceptions, e. g. playacting the haj and Umrah or accustomed international as Zakat and Sadaqah? YES. The gold prizes strike from a proper source. Upon receiving the bullion prize, the customer is unloose to use it for any purpose 12. ar the coin prizes interpreted from the dough clear through Al-Awfar savings and investment Account-i? no The specie prizes are provided by the depone and are not specifically derived from meshwork of Al-Awfar savings and investment funds Account-i.