Q: Is it allowed in Islam to use money which is gained from speculative transaction like lottery, shares, horse race, betting etc?
A: It is impermissible for a believer to have any involvement in lottery, betting, horse race, as it revolves around gambling, and gambling has been declared haraam in Islam. As far as purchasing shares is concerned, if the company one invests in deals in halaal, then it will be permissible to purchase shares in such a company. If the company deals in haraam, then it will not be permissible to purchase shares in such a company.
And Allah Ta’ala (الله تعالى) knows best.
Mufti Zakaria Makada
Checked & Approved:
Mufti Ebrahim Salejee (Isipingo Beach)