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Directorship of Companies & Corporate Governance
03-20-2009, 11:49 PM,
#9
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by wasim akram</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by awaisaftab</i>
<br />Dear Wasim and Malik,

I know about some persons who hold directorship in many companies, I don't know what is law in other countries in this regard. But in my opinion the number of companies whose a person can become director should must be reduced.
Accountants are followers of law but as a group of persons, which follow and respect law, we have to also point out the shortcoming and deficiencies of law to protect the rights of ignored,helpless and innocent sections of society i.e. minority shareholders.

It is cruel reality the rights of minority shareholders and investors are badly exploited by the BIG CROCODILES of capital market and corporate sector.
In the beginning of 2005 some big investors of Karachi, Islamabad and Lahore stock exchanges created an artificial boom in the capital market with the help of some director of companies, who had directorship in many companies. On making huge investment by the small investors and shareholders they withdrawn their funds and small investors suffer a lot many. The SECP was unable to protect the rights of investors in the whole story.


Regards,

Awais

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Interesting, undermentioned quote is also yours which indicate that speculation business is prohibited in islam. [)]

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

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


Dear Wasim,


I am not a religious scholars or Mujtahid Do you know the meaning of Mujtahid. You pasted one of my view regarding the investment in shares of banking company. The material contained in this post is on the basis of fatwa of one religious leader who has also knowledge of shares and economics, it was not my personal view.

I have never said that the speculation business is totally Haram or prohibited in Islam speculation factor involves in many business. Islam does not invalidate all these businesses rather only gambling is haram.
This is Unanimous fatwa of Religious Leaders of all sects that the trading of share is HALAL.

Mr. Wasim you inserted the sign of Smiling with your post. If these under discussion topics relate to any other issue then I have no objection on your smilling and laughing but we are discussing very serious issues of HALAL and HARAM

Regards,

Awais
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Messages In This Thread
[No subject] - by malikzshan - 03-18-2009, 05:59 PM
[No subject] - by wasim akram - 03-18-2009, 06:50 PM
[No subject] - by malikzshan - 03-19-2009, 02:22 PM
[No subject] - by awaisaftab - 03-19-2009, 03:46 PM
[No subject] - by danishayub_76 - 03-19-2009, 09:34 PM
[No subject] - by wasim akram - 03-20-2009, 02:01 AM
[No subject] - by wasim akram - 03-20-2009, 02:09 AM
[No subject] - by awaisaftab - 03-20-2009, 11:49 PM
[No subject] - by wasim akram - 03-21-2009, 08:28 PM
[No subject] - by awaisaftab - 03-24-2009, 03:44 PM
[No subject] - by kamranACA - 10-12-2010, 09:10 PM
[No subject] - by kamranACA - 10-13-2010, 05:48 PM

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