Mr. Shehzad is a poor labor working on daily basis, he is the sole breadwinner of his family, a lockdown was announced in the country due to COVID19 which made him unable to earn these days. As it is not a complete lockdown, anyone can sell different types of foods items such as fruits, vegetables and other glossary items at a specific time. He talked to his friend about taking money, his friend agreed to give him money, but he also intends to get his profit on that money according to the law of Shariah. Required: In this case if Shahzad goes to any Islamic or conventional bank to help him instead of his friend. Will the bank facilitate him? State your answer considering the risk factor posed by the banking sector. If Shahzad goes to his friend to get money. Given the conditions of the friend, what are the Islamic ways in which Shahzad's financial support is possible so that Shahzad's job will continue and his friend will also get a profit on his money?
Mr. Shehzad is a poor labor working on daily basis, he is the sole breadwinner of his family, a lockdown was announced in the country due to COVID19 which made him unable to earn these days. As it is not a complete lockdown, anyone can sell different types of foods items such as fruits, vegetables and other glossary items at a specific time. He talked to his friend about taking money, his friend agreed to give him money, but he also intends to get his profit on that money according to the law of Shariah. Required: In this case if Shahzad goes to any Islamic or conventional bank to help him instead of his friend. Will the bank facilitate him? State your answer considering the risk factor posed by the banking sector. If Shahzad goes to his friend to get money. Given the conditions of the friend, what are the Islamic ways in which Shahzad's financial support is possible so that Shahzad's job will continue and his friend will also get a profit on his money?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Mr. Shehzad is a poor labor working on daily basis, he is the sole breadwinner of his family, a lockdown was announced in the country due to COVID19 which made him unable to earn these days. As it is not a complete lockdown, anyone can sell different types of foods items such as fruits, vegetables and other glossary items at a specific time. He talked to his friend about taking money, his friend agreed to give him money, but he also intends to get his profit on that money according to the law of Shariah.
Required:
- In this case if Shahzad goes to any Islamic or conventional bank to help him instead of his friend. Will the bank facilitate him? State your answer considering the risk factor posed by the banking sector.
- If Shahzad goes to his friend to get money. Given the conditions of the friend, what are the Islamic ways in which Shahzad's financial support is possible so that Shahzad's job will continue and his friend will also get a profit on his money? Which of the principles of Shari'ah will be obligatory for both to adopt this Islamic method?
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