Religion and Islam

How can I be sure that MyAhmed is halal or Shari'ah-compliant?

Mufti Faraz Adam, an expert in fiqh and fintech, heads our Shariah board. Mufti Adam along with board members from Amanah Advisors, an independent globally recognised Shariah advisory firm, review all our company policies, services and products before we launch them.

What is Zakat?

Islam asks Muslims who have wealth exceeding a certain threshold called the Nisab to make an annual donation to charity. This donation is called Zakat.

Who receives Zakat?

Zakat is usually donated to disadvantaged households, people who cannot pay their debts, students who are struggling to pay for their education, refugees and generally anyone going through hardship.

Is Zakat mentioned in the Qur'an?

Yes.

Surah Baqarah (Chapter 2) verse 43: “And establish the prayer and pay the Zakat and bow (in prayer) with those who bow.”

Surah Al-A`raf (Chapter 7), verse 156: “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.”

In Surah Al-Hajj (Chapter 22), verses 40-41: “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.”

Does MyAhmed deal with interest?

Not at all. 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 app.

What if I believe that some of your portfolios are not Islamic?

We’re happy to discuss this. Reach out to support@myahmed.com.

Does MyAhmed cater for all sects of Islam?

MyAhmed is non-sectarian. Our services cater to the fundamental principles that bind us as Muslims.

What if I don't want to pay Zakat via MyAhmed?

You certainly do not need to pay your Zakat using our app. We’ve only built the Zakat calculator to make it easier to do so.

Has MyAhmed been certified as halal by a recognised Islamic authority?

Mufti Faraz Adam, an expert in fiqh and fintech, heads our Shariah board. Mufti Adam along with board members from Amanah Advisors, an independent globally recognised Shariah advisory firm, review all our company policies, services and products before we launch them.

MyAhmed is looking to allow Bitcoin purchases, but is that Halal?

According to Shari'ah, anything that’s widely accepted as a unit of currency among traders can be considered legitimate. Our Shariah board has deemed it Halal, but we leave all decisions up to you.

MyAhmed will allow customers to buy shares, but is that really halal?

It is generally accepted by Islamic scholars that buying shares is Halal provided the company you are investing in are not engaged in prohibited (Haram) products such as alcohol or interest-based assets.

How is MyAhmed an Islamic alternative to conventional banking?

Unlike conventional banks, MyAhmed makes sure your money is not used to provide interest-based loans to third parties or fund businesses that take part in non-Halal activities.