I accept your ruling regarding Oasis and Futurerowth {trading in shares being impermissibille}. I have profits from the mentioned shares since I invested when there was no ruling regarding impermissablity. Can I use the profit to pay the vat on a vehicle I am purchasing.
Answer:
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
The gain from the investments of Oasis and Futuregrowth is not regarded as profit but interest. It is therefore not permissible to use these interest funds to pay for VAT on any item.
And Allah knows best
Wassalam u Alaikum
Muhammed Zakariyya Desai,
Assistant Mufti
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah