Q:
- With regards to shares which ones are halaal suitable? Roshgold? Amanat? And how do they work?
- With regards to medical aid is it ok or not?
- With regards to islamic banking, how does it work and what is the process?
If the above could be explained in complete detail.
A:
- The principle of Shariah with regard to shares is that, if the company's main business is halaal, then it will be permissible for one to invest in such a company. However, if the company's main business is haraam, then purchasing shares in such a company will be impermissible. If the two companies selling these shares deal in halaal, it will be permissible to purchase shares from them. The full details of how these shares operate are not before us. If you wish you can send us the details so that we can look into it.
There is no difference between the workings of a medical aid scheme and an insurance policy. In the event of an accident the insurance company will settle the bills either more than the invested amount or less. Similar is the case with the medical aid schemes. In the event of illness they will settle the bills. Since the elements of qimaar (gambling) and interest are found in both (medical aid scheme and the insurance policy) it is impermissible for one to involve himself in it.
There are many kitaabs prepared on the subject of islamic banking, but since it is not possible for the layman to fully comprehend the concepts, principles and influencing factors in regard to the various modes of finance in islamic banking, we advise that for every transaction one intends embarking on he refer to a qualified Aalim who is knowledgeable in this field.
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