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Fatawa Question

My name is Abukar. I was trained as a medical doctor in Somalia but I do not practice here in Toronto, Canada. Your name was given to me from brother at our Mosque after I asked some questions related to RRSP (Registered Retirement Saving Plan). I work for a non-profit organization and it gives its employee some money to invest in the stock market. In order to qualify this money every employee has match the same amount of money the agency provides. I am one of the employees who receive and match that money. The other Friday, an imam who gave us the Friday ceremony talked about the interest (Riba) and I was confused about the speech he gave us. I started to question myself whether what I am doing is right or wrong. I consulted with other religious people and I got different interpretation. I have been dealing with a company called investor group (investorsgroup.com) for almost five years. I have been asking my financial Planner who is non-Muslim not to invest my money any investment contrary to my religion. I told her that she should not invest investment which deals with Interest, all Entertainments, Military, Hotels and any thing which is morally and socially unacceptable. My knowledge about investments or religion is very limited therefore my questions are : Is it right to save money for future ?. First it right to invest first on the stock market. Secondly trust a financial advisor who does know nothing about Islam and belief her words. My financial advisor told me that she invests in equity funds and equity funds do not deal with interest. She said that equity funds you either loose or gain and Interest related funds you only gain and not loose. I know you live in America and I think you know what is going in Toronto stock market. Here are the investments which were recommended by my financial Advisor. 1) Canadian natural resource fund Dsc 2) Global science and technology fund DSC 3) Summa fund A 4) AGF Canadian growth fund C DSC 5) Canadian equity growth (Mackenzie) I look forward to hearing from you at your convenient time. Thank You

Fatwa

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Publication Date

2006-02-03

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-790497

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