Q: I have a question on putting investment.
We have a group of around 45 people and each guy is putting a total of 1200 AED for 1.5 years. And one guy among us is buying a Limo Taxi to run as per Government Rules and every month he will be giving us 15% of the money after his expenditures like room, food, etc.
Total 55000AED only will be from our group of people, and remaining cash needed-the guy who is purchasing the car will be arranging. As per him, he will be paying back monthly to Emirates Transport, a Government Authority, the cash he will arrange. We asked any interest in that, he said he is not sure about it.
We will be getting 15% from the 55000AED amount we are investing, and this is fixed percentage, and the amount may increase or decrease based on how much work he will get with his taxi. But the percentage will be same 15%.
I would like to ask you, if in the amount we are investing there is no interest, will it be haram for us? Because, in the amount this guy is arranging, he may be paying monthly to Authority with interest.
And Allah Ta’ala (الله تعالى) knows best.
Mufti Ebrahim Salejee (Isipingo Beach)