Investing in a bank
Question
1. My question is, is investing in a commercial bank shares allowed? Halaal or haraam?
2. If someone gets dividends from investment on Banks share, can he/she make Sadqaa of this amount or can spend any charity work?
3. If someone thinks before investment in bank shares if he gets profit or dividend he/she will spend all the money for Sadqaa or any charity work. Is this situation is allowable / legal Islamic point of view?
Answer
1. A bank revolves around usury and interest. To invest in such an institute will obviously be impermissible.
2. They should give it out in sadaqah to some deserving person.
3. Why get involved in a thing that has got a haraam element.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Ebrahim Salejee (Isipingo Beach)
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