Religion and Islam
Monies in the MyAhmed account are not bank deposits and do not earn interest. Your deposits are ring-fenced at the Bank of England and no bank can use them for lending activities. There is no interest charged or received in any service or for us as an organisation. Your account is fully interest/riba-free. We also ensure that the monies you deposit with us are not used to invest in any non-halal products or companies that facilitate non-halal activities.
The religion of Islam asks that Muslims who have a surplus of wealth that exceeds a certain amount, called the Nisab, make an annual donation to charity. This donation is called Zakat. Zakat is a donation of 2.5% of Zakatable wealth that has been possessed for the period of one calendar year, or 2.577% of Zakatable wealth over the course of one lunar year. Most Muslims choose to pay their Zakat during the Islamic holy month of Ramadan, although it can be paid at any time in the year, so long as it is donated at roughly the same time annually. Traditionally, the rate of Nisab has been determined by gold and silver, but nowadays it is often cited in national currencies. The exact amount for Nisab will therefore fluctuate year to year depending on the performance of the currency in which it is cited. Muslims who do not possess wealth above the Nisab are exempt from donating Zakat.
Zakat is typically spent on helping individuals of disadvantaged households, people who cannot pay their debts, students who are struggling to pay for their education, those who are stranded or have been made refugees, freeing those who have had their freedom taken away, and generally anyone going through some kind of hardship.
Yes. Allah enjoins upon believers the payment of Zakat in Surah Baqarah (Chapter 2), verse 43 when He says: “And establish the prayer and pay the Zakat and bow (in prayer) with those who bow.”
In Surah Al-A`raf (Chapter 7), verse 156, Allah mentions Zakat as a way to gain His mercy. “My Mercy extends to all things. That (Mercy) I shall ordain for those who have God-consciousness and give their Zakat and those who believe in Our Signs.”
Furthermore, in Surah Al-Hajj (Chapter 22), verses 40-41, it is recorded that “Allah will certainly aid those who aid His (cause); for verily Allah is Full of Strength, Exalted in Might, (able to enforce His Will). (They are) those who, if We establish them in the land, establish regular prayer and give their Zakat, enjoin the right and forbid wrong: with Allah rests the outcome of all affairs.”
Zakat is also mentioned in verses 11, 18 and 71 of Surah Tawbah (Chapter 9): “But (even so), if they repent, establish regular prayers, and give their Zakat, they are your brethren in Faith.”
“The mosques of Allah shall be visited and maintained by such as believe in Allah and the Last Day, establish regular prayers, and pay their Zakat and fear none (at all) except Allah.”
“The Believers, men and women, are protectors of one another: they enjoin what is just and forbid what is evil: they observe regular prayers, pay their Zakat and obey Allah and His Messenger. On them will Allah pour His Mercy: for Allah is Exalted in power, Wise.”
No. Your money is kept completely interest-free. When you transfer money to your MyAhmed account, you are not paying it as a loan that accumulates interest as you would do when transferring money to a bank. Your deposits are ring-fenced at the Bank of England and no bank can use them for lending activities. There is no interest charged or received in any service or for us as an organisation. We simply store your cash for you and help you manage your money through our free-of-charge in-app services.
We are happy to discuss this with you. You can contact our Customer Services. Email: email@example.com; Mobile App: click on Contact Us in your MyAhmed mobile app and send us a message; Post: MyAhmed Ltd. 20-22 Wenlock Road, London N1 7GU, UK.
MyAhmed is completely non-sectarian. The services we provide cater for the fundamental principles that are universal to all Muslims.
While Zakat is ordained in the Qur'an as a mandatory pillar of Islam for those who have the means to fulfil it, our customers are under no obligation to pay Zakat through our app. Our Zakat service has been included in the MyAhmed app to help those of our customers who wish to use it voluntarily.
MyAhmed has been approved by Mufti Faraz Adam, who has spent almost a decade studying Islamic law and holds a Master’s Degree in Islamic Finance, Banking and Management at Newman University, UK.
Bitcoin is a relatively new way of trading and Muslims are still learning about how exactly it fits into the whole halal-haraam spectrum. As yet there is no unanimous consensus on Bitcoin among Islamic scholars, but in general terms according to the Shari'ah, anything that is widely accepted as a unit of currency among traders can be considered legitimate provided it meets certain conditions. MyAhmed does not dictate to its customers any one particular ruling on the matter. We do however cater for those who follow the opinion that it is permissible.
It is generally accepted among Islamic scholars that buying shares is halal provided that the company you are investing in is not profiting from prohibited (haraam) products such as alcoholic drinks or interest-based assets. Sometimes the actual produce of the company may not be haraam in of itself but may be servicing haraam activities, which would also make investing in such a company haraam. For example, the glass bottle within which an alcoholic drink is contained is not haraam itself, but a company that produces glass bottles specifically for the purpose of storing alcoholic drinks is engaged in profiting from a product that encourages haraam behaviour. Either way, MyAhmed does not feature haraam companies on its app.
Considering that MyAhmed is not actually a bank, money you deposit into your MyAhmed account is not taken as a loan and therefore does not accumulate interest. Unlike conventional banks, MyAhmed can also ensure that your money is not being used to give interest-based loans to third parties or fund businesses that do not comply with Islamic law.