Are you looking to buy a house but don’t want to sacrifice your principles to do it? There are a number of Islamic mortgage companies and banks available to help you achieve your dream of owning your own home or becoming a landlord. Al-Hisbah will explain how an Islamic mortgage works and the different methods available so you will be able to make your choice with confidence. Al-Hisbah will go through the application process with you from start to finish. I will explain the different contracts involved, any additional costs, Shariah issues that may be present, and I will answer any possible questions or concerns you may have.
Allah says in the Quran, “Every being will taste death.” and “No soul knows in which land it will die.” There is one thing that is certain in this life and that is we shall all die and none of us know when that will be, so why do we not prepare for the one thing we know for certain will happen. Islam has comprehensive instructions detailing what should happen after a person dies including how their body should be prepared; how the funeral should be performed; how they should be buried, and how their assets should be handled. If you die without a will in America it means that you have died “intestate”. When this happens it means that the intestacy laws of your state will decide how your assets should be distributed. This includes all your bank accounts, property, securities, and any other kind of assets you own, and if a person is not survived by any inheritors then the state will collect all their assets!
At Al-Hisbah we offer our clients with an Islamic estate planning service that is valid in the state of Pennsylvannia. An estate plan will give instructions to your executor (the person you authorize to manage your estate after your death) on how to handle your funeral, what debts you have to be paid off, how to distribute your assets, etc. Islam has set laws on how your assets should be distributed amongst your family members, Al-Hisbah will provide you with a personalized distribution chart detailing the percentage that each family member should receive.
Zakah is the third pillar of Islam and is frequently mentioned in the Quran in conjunction with the Salat, but its importance is often forgotten. Zakah is due on savings and investments and include both personal and business assets.
The Al-Hisbah process for zakah calculation will begin with a meeting where we will first discuss your zakah payment history in order to determine whether you have any past obligations. We will then discuss what kind of zakah service you will require: personal or business or both. The next step will be to work with you to create a personal net worth statement for personal zakah and/or a balance sheet statement for a business. This will allow us to calculate accurately the total amount of zakah you owe. Finally, Al-Hisbah will discuss with you your options of how and to whom you can make your zakah payment. Al-Hisbah will also send you an annual reminder so you don’t have to worry about remembering when you last paid zakah.
As Muslims, we have an extra responsibility to manage our finances carefully, because without any kind of plan there is a danger of falling into riba-bearing debt. There is a principle in fiqh that states “whatever is needed to complete an obligatory religious act then that thing is also obligatory.” It is an Islamic duty to avoid riba and if this cannot be achieved except through financial management then this is likewise an Islamic duty.
Al-Hisbah offers Islamic financial check-ups for our clients that involves digging into the individuals finances and finding any areas of concern, such as riba-bearing debt, a lack of any emergency funds, an absence of a savings plan, a lack of investing for the future, etc. Al-Hisbah can layout in simple laymen’s terms the Shariah-compliant options and remedies available to you.
The Islamic Financial Check-Up includes the following (depending on your individual need):
Al-Hisbah offers a number of services for the entrepreneur and small business owners, including business and market planning, business set-up, bookkeeping, business process design, etc.
An important feature of Islamic transactions is that they are transparent, so with that in mind we always endeavor to provide you with a clear breakdown of costs and services before we enter into any agreement. The following are the prices of our main services (please note that price may vary depending on complexity):