Buying shares and bank investment
| Fatwa #1233 | Category: Business & Trade | Country: Zambia | Date: 14th November 2024 |
| Fatwa #1233 | Date: 14th November 2024 |
| Category: Business & Trade | |
| Country: Zambia | |
Question
Asw ww
I have 2 questions;
1) are apple shares halal to buy..? And any application or anything where we can get to know which shares are halal or haram..?
2) if a bank has investment schemes such as Islamic investment, will it be halal to invest in such companies offered by the bank after knowing the details such as how they work and if they are according to Islamic rules..
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Buying, holding and investing in shares of a company is an academically contested issue amongst contemporary Ulama. For more information on trading in shares, you may refer to the link below.
https://askimam.org/public/question_detail/46129
We do not know of an app that can provide such data.
As will be clarified in the link above, it will not be permissible to purchase shares in a bank due to the nature of its business. However, if one finds an investment platform where the shares of a company only involved in correct Islamic finance are sold, then it will be permissible to purchase.
And Allah Ta’āla Knows Best
Mufti Bilal Pandor
Concurred by
Mufti Muhammad Patel
Darul Iftaa Mahmudiyyah
Lusaka, Zambia