Purchasing Shares
Question
Assalaam wa alykum
I would like to know if moulana can please advice me with regards to the following shares....if permisible or not.
reason being - I have been gifted these shares...and am not sure if i should sell some and give money away...or
BRITISH TOBACCO (BTI)
MEDICLINIC (MEI)
MR PRICE (MRP)
NASPERS LTD (NPN)
MTN
FIRSTRAND LTD (FSR)
STANDARD BANK GROUP (SBK)
GROWTHPOINT PROP LTD (GRT)
REDEFINE PROPERTIES LTD (RDF)
BRAIT S.A (BAT)
INVESTEC PLC (INP)
RAND MERCHANT INV HLDGS (RMI)
GRINDROD LTD (GNDP)
STEINHOFF INVEST (SHFF)
NEW GOLD PLATINUM (NGPLT)
I would really appreciate moulanas advice....
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
In principle, if the core business of a company is providing financial services like loans on interest etc., then it is not permissible to purchase shares in such a company.
If the core business of the company is in Shariah compliant avenues like manufacturing vehicles, machines or fabric, then it is permissible to purchase shares in such a company. If such a company earns interest through deposits, that percentage of the shareholder should be given in charity.
You may refer to the footnotes for a more detailed explanation on the issue.
And Allah Ta’āla Knows Best
Huzaifah Deedat
Student Darul Iftaa
Lusaka, Zambia
Checked and Approved by,
Mufti Ebrahim Desai.
- Answered by
- Huzaifah Deedat
- Checked & approved by
- Mufti Ebrahim Desai
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