Trading shares and stocks : permissible investments in Islam

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, My question is about the types of investments which are permissible in Islam. More specifically, I would like to know this in the light of investments available in India. Here are lots of investment options available, however, I believe all involve interest (Riba) and thus are Haram. My brother mentions that purchasing equity shares is permissible. Can you elaborate more on this ? Also since I am a working individual I also pay income tax. A number of tax saving schemes are available here. Is it permissible to save tax by opting for these schemes. Are there any halaal tax saving schemes available in India ? I would really appreciate a detailed answer bcos Muslims have a lot of wealth locked up in banks in India which gain interest which is of no use to them as it is Haram. Also there are no banks here which practice Islamic banking... Jazakallah khair for your time and response. Jazakum Allahu Khairan for your constant help

Fatwa

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Publication Date

2006-08-15

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-790460

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