Employer’s stock options : investments and mutual funds. Etc.

Fatawa Question

Assalaam Alaikum Wa Rahmatullahi Wa Barakaatahu, Considering all my options, I have disposed off the flat. I got no profit as I had to sell at less rates, but there was no net loss either. Now with the money I have got from the sale, as well as my savings, I would like to invest in property again, but this time in a clear title property. But I am yet falling short of some money. 1) What I am asking you now is not a challenge question, but I would like to know what options do Muslims have in the absence of any Shari’ah based loans, how can they arrange for capital for investments or starting a good business for that matter. Relatives and friends don’t have enough money to borrow from. 2) I came across a company that is giving mutual funds and says this is good for Muslims, as it does not deal with interests, yet it promises a fixed amount of return after three years. Is this permissible ? i.e taking a fixed amount return on a mutual fund ? I don't think any business can predict that it will always have a profit and that also at a fixed rate. So how can this be possible in this particular company ? 3) One option that I have in my mind is, that sooner or later I intend to migrate to Canada, as soon as a decision is taken on the papers that I have filed. Can I ask my brother to buy a house on mortgage for me, in his name, with my capital as the down payment, and the installments to be paid till I go to Canada, by the rent collected on such a house ? This way I feel I can use my money right away, without letting it lie idle in the bank, and buying in Canada is a better option for me in the absence of any caretaker in India on my behalf ? Kindly reply to my queries. With regards and wishing for your good health always,

Fatwa

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Publication Date

2006-12-21

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-790534

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