Shariah Compliant Investments in Banks
| Fatwa #959 | Category: Business & Trade | Country: Zambia | Date: 3rd October 2023 |
| Fatwa #959 | Date: 3rd October 2023 |
| Category: Business & Trade | |
| Country: Zambia | |
Question
Asw ww
I wanted to find out that is it allowed to invest in shariah compliant investment schemes in banks..? If yes what are a few examples of investing in.
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Different investment schemes are promoted by various banks.
The Darul Iftaa can only approve and comment on a product after scrutinising and analysing:
- The concept of the product.
- The contract of the product.
- The implementation of the product.
Currently, the Darul Iftaa has not approved any Shariah compliant investments in the commercial banks.
You may forward us your documents for our perusal.
And Allah Ta’āla Knows Best
Mufti Muhammad I.V Patel
Concurred by
Mufti Nabeel Valli
Darul Iftaa Mahmudiyyah
Lusaka, Zambia