Is it permissible to invest in the mutual funds that call themselves Shariah compliant. www.weathcity.in and parsoli corporation(http://www.islamicequity.co.in) Basically I want to invest to make tax savings and also to grow my returns. In addition to the above, can you please suggest two examples of rich sahaba and how they generated and managed wealth
Answer
(Fatwa: 552/445/B=1431)
Investing in mutual fund is not lawful. One invests in mutual fund to receive extra money. We do not have the details of the companions of the holy Prophet Muhammad (صلى الله عليه وسلم) regarding earning money. You should fix the lawful and unlawful as standard i.e. earn money by lawful means and avoid unlawful earning.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband