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+--- Thread: Does islam allow trading shares of banking company (/showthread.php?tid=5578)
Does islam allow trading shares of banking company - raja asad - 03-19-2009
Friends i've just bought shares of bank alfalah.
Does islam allow this investment?
- awaisaftab - 03-19-2009
Hence, Islam prohibits Muslim from investing in usurious business. As per injunction of Holy Quran and Sunnah (SAW) you cannot purchase the shares of any bank involved in non Islamic banking.
Some reliable sources have quoted that a well known Beverages national company (Listed Public Ltd Company) is also involved in the production of wines. When the matter is brought in the knowledge of a Mufti of Rawalpindi (Maulan Mufti Ismail Tooro, Raees Darul Iftaa Jamia Islamia Kashmir Road Rawalpind,who also have wide knowledge of economics ) he gave the FATWA that no one can involve in the sale and purchase of shares of the said company. So in the light of above Fatwa you cannot purchase shares of any non Islamic bank.
For detailed fatwa please contact
Maulana Mufti Ismail Tooro
islaminpak@yahoo.com
Allah Knows Better.
Regards,
Awais
- Shahid_fss - 03-20-2009
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by raja asad</i>
<br />Friends i've just bought shares of bank alfalah.
Does islam allow this investment?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
This transaction is a form of Mudarabah (bank is Mudarib) and is permitted in Islamic provided that Bank is not involved in any business which is against Islamic principles i.e. riba, gambling etc. Profit sharing structure may also affect the validity of transaction under Islamic law.