Inventory financing : can banks and insurance companies be allowed to invest in Halal funds ?

السؤال

Dear Prof Kahf, Salaam Alaykum Warahmatulah Wa Barakatuh. I hope you and your family are well. It has been a long time since we spoke as we were busy on roadshows etc. promoting the Halal fund. Alhamdulillah, it was successful and over 200 % oversubscribed !! Now the hard work begins to achieve a good Halal return on investment. On behalf of us all I want to thank you for your wonderful support. So many questions and issues have arisen and we require your expert opinion and decision on them. 1) We have received a few emails / letters objecting to fact that banks and insurance companies can invest in the Halal fund (they understand that we do not invest in those industries). It would be very useful to have your response to that so that we can put their minds at rest. I have attached a letter we received on that issue. 2) The receiving banks have had the money raised for the fund for approximately 3 months awaiting final SEC approvals before the money is disbursed to us. Typically this is invested by the banks and the banks and the issuer share the interest. Obviously in our case we do not want nor have we asked for any interest. However, the question arises-should we instruct them to pay what would be our share of such gains to specified charities or should we leave it to the banks and have no part of it as we are doing now ? Kindly give us a clear decision on this. 3) We have also been approached by a company leasing dredging equipment to guarantee their lease rentals (or issue a letter of comfort) for a share of their profits from the sale of sand dredged or for a fee. My understanding is that earning a fee for a guarantee is not allowed but please elaborates on this. 4) Many mortgage requests are coming in. However, the challenge is the documentation from an Islamic perspective to reflect a) ownership of the asset on our part before reselling to the client either through Ijarah, Murabahah or diminishing Musharakah. In some cases, it is difficult to get the property in our name at all and in other cases when we can get the property in our name it is undesirable due to transfer costs, taxes and time. What is a viable Halal alternative ? 5) We are trying to plan and schedule an Islamic finance training / conference. Due to Ramadan and Hajj, we are proposing early November 2008 or early February 2009. Please indicate what would be most convenient for you based on your schedule and your recommendation for the content and format for such an event given your vast experience with such events. Any recommendations for additional speakers / trainers are also welcome. Of course we ask that you continue to remember us in your duas. May Allah keep our intention pure and keep us on siratulmustaqeem and grant us success in all our endeavors. Best regards, Wa Salaam, Hajara.

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2008-05-08

التخصصات الرئيسية

العلوم المالية و المحاسبية
الأديان
الدراسات الإسلامية

الموضوعات

• المصارف
• الفقه الإسلامي
• المعاملات المالية
• البيوع
• الحج
• التمويل
• الأرباح
• الأموال
• العقوبات الاقتصادية
• شهر رمضان
• التحوط(المالية)
• شركات التأمين
• صناديق الاستثمار
• الرهن العقاري
• المخزون
• المصارف الإسلامية
• خدمات العملاء

عدد الصفحات

3

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-734329

• APA
• MLA
• AMA