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Shariah Compliant Equities, Shares, Unit Trusts, Islamic Banking etc.

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: 

  1. Is there any reason to doubt income and profits derived from Shariah Compliant Equities, Shares, Unit Trusts, Islamic Banking etc.? From what we gather, there is a differences of opinion regarding the above among Scholars…
  2. Will it be correct to ascertain that vast majority of contemporary Scholars permit Equities, Shares, Unit Trusts Islamic Banking etc.?
  3. What are the main objections of Scholars who disapprove Shariah Compliant Equities, Shares, Unit Trusts Islamic Banking?
  4. What are the responses for their dis-approvals?

Bismillaah

A: If the Islamic banks transactions, workings, contracts, etc. are in conformity with the laws of Shariah and there is nothing in contradiction to Deen (e.g. insuring the items, investing in companies which have impermissible dealings etc.) the profits acquired will be permissible. However since we do not supervise every transaction of the bank hence we are not in a position to give a general ruling on all dealings of the Islamic banks.

عن عامر قال سمعت النعمان بن بشير يقول سمعت رسول الله صلى الله عليه وسلم يقول الحلال بين والحرام بين وبينهما مشبهات لا يعلمها كثير من الناس فمن اتقى المشبهات استبرأ لدينه وعرضه ومن وقع في الشبهات كراع يرعى حول الحمى يوشك أن يواقعه ألا وإن لكل ملك حمى ألا إن حمى الله في أرضه محارمه ألا وإن في الجسد مضغة إذا صلحت صلح الجسد كله وإذا فسدت فسد الجسد كله ألا وهي القلب (رواه البخاري 1/13)

عن عبد الله قال قال رسول الله صلى الله عليه وسلم طلب كسب الحلال فريضة بعد الفريضة (السنن الكبرى للبيهقي رقم 12030 )

وعن أبي هريرة قال قال رسول الله صلى الله عليه وسلم يأتي على الناس زمان لا يبالي المرء ما أخذ منه أمن الحلال أم من الحرام رواه البخاري (مشكاة ص241)

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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