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Shares, Unit Trusts and the Shariah
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Description : Investment in the so-called Islamic' banks is a question which concerns many Muslims who write to us seeking the directive of the Shariah regarding the permissibility of investing in the deals offered by these banks. The blanket sanction which some Maulanas have accorded to investment in these banks have thrown Muslims into confusion. The deals offered by these banks and their methods of operation make it clear that they are no better than the kuffaar riba banks. Muslims are misled by the Islamic terminology which is copiously employed by these banks to market their haraam products. Terms such as Mudhaarabah, Mushaarakah, Muraabahah, Ijaarah, etc., are the thin veneer under which the riba is concealed. Unwary and ignorant Muslims are given the impression that the investment deals offered by these banks all fit into the scope of the aforementioned Islamic contracts and agreements.
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Author : Mujlisul-Ulama of South Africa
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