Fatwa ID: 08658

Answered by: Maulana Mohammed Aabu Saeed Miah

Question:

I am a financial analyst, and part of my job is to recommend to my non-muslim clients what stocks to invest in based on numbers such as profitability and trends, etc. Would it be permissible to give opinions on stocks of conventional banks, considering that the clients are non-muslims. 

In the name of Allah, the Most Gracious, the Most Merciful

Answer:

Being conscious of one’s actions and words, ensuring they do not displease Allah is the definition of Taqwa in our Deen. Alongside this being mindful of one’s income is compulsory like the five daily Salah. Your question reflects this. May Allah bless you, Ameen.

As nearly all of the profits gained by a conventional bank are from usury, buying shares of a conventional bank is Haram. Furthermore, a principle of the Sharia is that an act which is Haram, instructing it, recommending it or seeking it will be haram likewise. In conclusion, it will be Haram for you to encourage, recommend or guide towards purchasing stocks of conventional banks. Likewise, it will be Haram to recommend any other impermissible stocks/shares.

References:

ما حرم فعله حرم طلبه” – قاعدة 58 – قواعد فقهية للشيخ عزت عبيد الدعاس

Only Allah knows best

Written by Maulana Mohammed Aabu Saeed Miah

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham