Investment ; permissible ? : inquiry fund placement with conventional banks

Fatawa Question

[Question One] Salaam, Hope you and your entire household are doing great. Sorry, we could not communicate since after the course in Kaduna. Kindly help me with this clarification pls. There is this micro finance bank that does a bit of Islamic banking whereby most of their activities are based on profit sharing ideology but problem with them is that they at times place their idle funds on fixed deposit with conventional banks even though they claim that what they place is very negligible. They have been disturbing me about placing with them. Pls what do you think ? Ma'assalam ! Adamu [Question Two] Assalamu Alaykum, Hope this mail reaches you in the best of Iman. Pls bear with my troubles. I just write to seek for clarification from the knowledge Allah bestow on you. Kindly pls clarify the position of buying certain farm produce and keeping it till after a while to sell it. I am particularly concern about honey, palm oil, yams, maize grain and other grains like Guinean corn, millet, ground nut, pine seed, etc. because these are the farm produce in my area and it is one of the ways people around here invest. Pls clarify for me. Thanks

Fatwa

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Publication Date

2009-08-13

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Banks
• Islamic jurisprudence
• Products
• Monopolies
• Investments
• Purchasing
• Islamic Banks

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-734402

• APA
• MLA
• AMA