Arbun and Cash settlement : [Ar boon and leverage]

السؤال

ASA Br. Dr. Monzer, On a different topic from what we last talked about, my existing small private investment fund is a long-short equity fund with a sustainability theme, and I’d like to try to make it Shari’ah compliant. The screening of stocks is fairly straightforward and I am already doing that. The three questions I have are 1) Is there a Shari’ah-compliant way to employ modest leverage in the fund, analogous to buying stocks on margin, possibly using daily Murabahah transactions or some other satisfactory method ? 2) Is there a Shari’ah-compliant way to profit from the decline of a stock from a speculatively overvalued level (analogous to short-selling). I’ve attached the Arbun paper by Shari’ah Capital (Yusuf DE Lorenzo) on this topic. They are using this strategy now. What do you think of this ? Do you think we could structure something similar ? 3) What about investing in mutual funds ? For example, many large public companies can be viewed as a conglomeration of many businesses, and we apply Shari’ah screens to them as a whole. So for example, Walmart might be Shari’ah compliant according to current standards even though it has some debt and receives some interest on cash deposits and receives a very small percentage of income from the sale of cigarettes or wine. What about the S&P 500 as a whole ? if one buys a mutual fund that invests in the S&P 500 and the S&P 500 taken as a whole passes all current Shari’ah screens, is it Shari’ah-compliant to own this mutual fund ? Please let me know if you feel there is a way forward in some of these areas, and perhaps we could work on them. Thanks. Best regards, Jeff

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2009-11-16

التخصصات الرئيسية

الأديان
القانون
الدراسات الإسلامية

الموضوعات

• الفقه الإسلامي
• الاستثمارات
• الأسواق المالية
• الأسهم
• المضاربة
• بيع المرابحة
• صناديق الاستثمار
• هامش الربح
• الرافعة المالية

عدد الصفحات

2

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-733936

• APA
• MLA
• AMA