Purification (of income)
Donating any impermissible earnings to charity, maintaining halal income.
Detailed Description
Purification (of income)
What does purification of income aim to achieve?
It aims to ensure that all earnings are free from haram elements and align with Islamic principles.
Why is purification of income important in Islamic finance?
It reinforces ethical foundations and upholds religious obligations, contributing to a more ethical financial environment.
What is a common method of purifying income?
A common method is to calculate the haram portion of income and donate that amount to charity.
Which types of income require purification?
Income from interest-bearing investments and businesses engaged in prohibited activities must be purified.
How does purification impact financial transactions?
It influences investment decisions and promotes caution in dealings to ensure compliance with Shariah law.