Walaikum Salam.
If you buy that car for 2 million, it becomes your property and you take the full risk of ownership. At that point, selling it for 3 million is legitimate trade because you are selling what you own.
However, if you are just a middleman who has not bought the car yet, you are in dangerous territory. The Prophet (peace be upon him) forbade selling what you do not possess. You need permission from the owner first. Ibn Abbas mentioned that there is no harm if the owner says: "Sell this for 2 million, and whatever is more is yours."
Without that agreement or ownership, taking a million in secret is "Ghabn," which is a form of deception in pricing. Islamic business is built on transparency, not on manipulating prices while you have no skin in the game.
You should be either a clear owner who takes a risk or a known agent who takes a commission. If you are hiding the true price from both sides to pocket a 50% markup, you are building your profit on a foundation of secrecy. Your gain should come from the service you provide or the risk you carry, not through deceit.
Allah knows best.
This is not just a Nigerian listing. Five African stock exchanges sat down in Lagos on April 1 to discuss cross-listing this IPO. Johannesburg, Ghana, Nairobi, Ethiopia, and the BRVM which covers 8 West African countries.
Stanbic IBTC, Vetiva, and FirstCap are leading the deal. Prospectus goes to SEC this month. Roadshow in May. Listing between June and July.
Analysts are pricing the refinery between $40 and $50 billion. If it lists at the top end, this becomes the largest equity offering in African capital market history.
You buy shares in naira. But you can choose to receive dividends in dollars. The refinery earns about $6.4 billion a year from exports so the dollars are already there.
If you don’t have a stockbroker account and a CSCS number by June, you’ll be watching from outside again.
IMPORTANT: Today, I attended @ProfIsaPantami’s tafseer at the Annur Mosque in Abuja. The tafseer was on inheritance in Islam, as prescribed in the Holy Qur’an. He took time to carefully explain the important aspects surrounding it. So let me share some of the key lessons I learned from the tafseer here, in Islamic law of inheritance (Ilm al-Fara’id), the distribution of a deceased person’s property follows specific rules laid down in the Qur’an and the Sunnah. These rules determine fixed shares for certain relatives before the remaining portion of the property is distributed among other eligible heirs.
Let us consider a situation where a person dies leaving behind his father, mother, one wife, one son, and one daughter, and the total property he leaves is N1,000,000. We assume that all debts have already been settled and there was no will affecting the distribution.
The Qur’an assigns specific portions to some heirs when the deceased leaves children.
1.The Wife
According to Qur’an 4:12, a wife receives one-eighth (1/8) of the property if the deceased left children.
2.The Mother
According to Qur’an 4:11, the mother receives one-sixth (1/6) of the property when the deceased has children.
3.The Father
The father also receives one-sixth (1/6) when the deceased has children. In some situations the father may also inherit part of the residue, but in this case the remaining property will go to the children.
4.The Children
After the fixed shares are allocated, the remainder of the property goes to the children. The Qur’an states that a male receives the share of two females (Qur’an 4:11). Therefore, the son receives twice the portion of the daughter.
Step-by-Step Calculation
1. Wife’s share (1/8): N1,000,000 ÷ 8 = N125,000
2. Mother’s share (1/6): N1,000,000 ÷ 6 ≈ N166,666.67
3. Father’s share (1/6): N1,000,000 ÷ 6 ≈ N166,666.67
Total: 125,000 + 166,666.67 + 166,666.67 = N458,333.34
Remaining: N1,000,000 − N458,333.34 = N541,666.66
The remaining amount goes to the children and in Islamic belief, the son receives twice the share of the daughter. So the remainder is divided into three equal parts:
Son = 2 parts
Daughter = 1 part
Value of one part: N541,666.66 ÷ 3 ≈ N180,555.55
Therefore:
Son: 2 × 180,555.55 ≈ N361,111.11
Daughter: 1 × 180,555.55 ≈ N180,555.55
Final Distribution
Wife: N125,000
Mother: N166,666.67
Father: N166,666.67
Son: N361,111.11
Daughter: N180,555.55
Kuda broke down the new tax law in 4 slides. If you actually read it, you’ll see there’s no need to panic. 😌
But let’s talk: which part is still confusing you? Reply, I’ll explain
Becoming a man is realizing we aren't really loved. We provide something and get love in return for it. Once we start lacking a little it’s end of story.
@Soyi_Hadassah Do you think network service providers will seat down while everyone is using WhatsApp to make call and send messages?
Network service providers are responsible for all these glitches.