Shariah compliancy of Tata and Taurus ethical mutual fund
Question
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
Is it permissible to invest in any of the following (claimed) Shariah based mutul funds in India? I was advised by one of my brothers, who is also finance adviser, to invest in anyone of the schemes as these are Shariah compliant. I would greatly appreciate if you could get back to me on this.
Taurus Ethical Mutual Fund: https://www.taurusmutualfund.com/taurus-ethical-fund
Tata Ethical Mutual Fund: https://www.tatamutualfund.com/products/tata-ethical-fund
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Respected Brother,
Even though Taurus ethical mutual fund is being displayed as Shariah compliant, it is not appropriate for us to comment on its Shariah compliancy without having known their framework and without having gone through their contract/documents. In order for us to advise, we require a copy of its contract and relevant documents for us to analyse. You may email the required documents to admin@daruliftaa.net and ref. Naved Akhtar.
As for Tata mutual fund, we have analysed the documents and audit of the said scheme, and if they are accurate, then it appears to be in compliancy with Shariah laws.
And Allah Ta’āla Knows Best
Naved Akhtar Ibn Shabbir
Student - Darul Iftaa
Shillong, India.
Checked and Approved by,
Mufti Ebrahim Desai.
- Answered by
- Naved Akhtar Ibn Shabbir
- Checked & approved by
- Mufti Ebrahim Desai
Fatawa SA is an independent, read-only index of fatawa already published by Darul Iftaa Mahmudiyyah (AskImam). It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.