Islamic Finance

With the introduction of Islamic banking and Islamic products such as (takafol (halal insurance) and halal mortgages) I was wanting to undertake gainning some qualifications in islamic finance and islamic investments. Now most of these products released onto the market are governed and released by arab countries using the laws of different schools of thought, not nesseccarily just the hanafi school of thought that I follow.

Now getting into this indusrty will entail me selling these “halal products” to the public and also investing peoples money into halal ways using these products. Currently muslims with large amounts of money are having to invest in not halal products.

Is it permissble for me to do this, sell these products and work in this industry, in which the products are halal according to other schools of thought not neccessarily the hanfi school of thougt?

In the name of Allah, Most Compassionate, Most Merciful.

Answer:

In the Quran Allah states:“O people eat of what is in the earth permissible and good.” (Al Baqarah: 168)

Allah has ordered us to eat from means which are halal and good for us hence the income we earn should be lawful in order for our sustenance to be lawful.

In regards to your question there is no harm in learning the knowledge of other school of thoughts, however once you are qualified and you are working in that industry you should avoid selling those products which do not fit the Shariah requirements of your school of thought.

Only Allah knows best.

Sayeedur Rahman

Darul Ifta, Birmingham

Comments are closed.