Q:
- With regards to shares which ones are halaal suitable? Roshgold? Amanat? And how do they work?
- With regards to medical aid is it ok or not?
- With regards to islamic banking, how does it work and what is the process?
If the above could be explained in complete detail.
A:
- The shar’i ruling with regards to shares is that investing (buying) in a company which deals in halaal is permissible. If there is any element of haraam involved directly or indirectly, (e.g. The assets / merchandise of the company being of an impermissible nature or the running of the company being in contradiction to the shari’ee principles of commerce or the company’s reinvesting in anything non shariah compliant etc.) it will be impermissible for one to invest in such a company.If the two types of shares asked in question complies to the above explained principle, it will be permissible to deal in it. The full details of how these shares operate are not before us. If you wish you can send us the details so that we can look into it.
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There is no difference between the workings of a medical aid scheme and an insurance policy. In the event of an accident the insurance company will settle the bills either more than the invested amount or less. Similar is the case with the medical aid schemes. In the event of illness they will settle the bills. Since the elements of qimaar (gambling) and interest are found in both (medical aid scheme and the insurance policy) it is impermissible for one to involve himself in it.
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There are many kitaabs prepared on the subject of islamic banking, but since it is not possible for the layman to fully comprehend the concepts, principles and influencing factors in regard to the various modes of finance in islamic banking, we advise that for every transaction one intends embarking on he refer to a qualified Aalim who is knowledgeable in this field.
Answered by:
Mufti Zakaria Makada
Checked & Approved:
Mufti Ebrahim Salejee (Isipingo Beach)