Post Reply 
 
Thread Rating:
  • 0 Votes - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Does islam allow trading shares of banking company
03-19-2009, 08:07 AM
Post: #1
Does islam allow trading shares of banking company
Friends i've just bought shares of bank alfalah.
Does islam allow this investment?
Visit this user's website Find all posts by this user
Quote this message in a reply
03-19-2009, 09:13 PM
Post: #2
 
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
Visit this user's website Find all posts by this user
Quote this message in a reply
03-20-2009, 12:55 AM
Post: #3
 
<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.
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Forum Jump:


User(s) browsing this thread: 1 Guest(s)