Is the Al-Barakah monthly investment plan Shariah compliant?
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
Kindly submit the following information in order for us to advise further:
1. Contractual Terms and Conditions
2. Shariah Criteria and Shariah Screening Method
3. Which stocks are used for investment?
4. Where are the liquid funds parked? Shariah or conventional money market accounts?
5. Is the underlying investment entity guaranteed?
6. How are the returns calculated? Forecasted or fixed?
And Allah Ta’āla Knows Best
Ismail Desai,
Darul Iftaa
Checked and Approved,
Mufti Ebrahim Desai.