Islamic savings accout or halal investment products
Submitted by danguy on Thu, 2005/12/29 - 11:24.
Assalamoaleikum-
I am looking for halal investment opportunities in banking sector (in USA).
For quite some time I have been searching for savings accounts or other investment opportunities which adhere to islamic principles and avoid interest. I cam across quite a many institutes in UK, Middle East, Pakistan, Malaysia and othe countries. But I didn't find any of them in US.
Any help would be appreciated.
Dan
»
Islamic Investments
Assalaamu alaikum wr wb,
I would be more careful with your investments than the previous poster suggested. Of course, you must not invest in any companies that sell alcohol, cigarettes, charge interest, etc. but I would suggest that you consider investing in social investment funds because being a Muslim is more than just avoiding the explicitly haram -- you must also seek out good and righteous things. Please check out http://www.socialinvest.org/resources/mfpc/screening.cfm as a starting point because it tells you whether the investment company invests in alcohol and tobacco, as well as many other factors that are very Islamic (such as human rights, etc.). Insha Allah you can start from there.
Salaam
Hilal Investments - Trusted Islamic Investment Advisor
Dear All Visitors Assalamualaikum,
Please visit our website and feel free to contact.
Our Website: www.hilal.co.in
Our Contact Details:
6B, Mustafa Apartment, Dongre Nagar, Opp. Tanwar Nagar, Kausa, Mumbra, Thane - 400612, Maharashtra, India.
Email: info@hilal.co.in Telefax: (+91) (22) 2 535 6539 (+91) 9820275629 (+91) 9819177796.
Contact Person: Suhail Alji
Salam.
Islamic savings
I am also looking for Islamic savings or investments which are compliant with Shariah Law, however am unable to find any in the UK. Dan said he has seen a few in UK, Please could you advise me of them. Thank you. Safia
Islamic Investments
Walaikum salaam wr wb,
In regards to Islamic Investments, there are many mutual funds that are out there that do this for you. One example is Amaana Mutual Funds. AMANX or AMAGX -- check both these out on google finance or yahoo finance. Alhamdulilah from the little research I have done they are halal. So, you could open up an account with any broker and invest in this mutual fund.
Apart from this, you could invest in stocks of "halal companies" (i.e. no alchoholic, cigarette, financial institution like bank, etc.) THese could be companies like ExxonMobil, Chevron, General Electric, Microsoft, etc.
Investments such as Bonds, putting money in a savings account and gaining interest, investing in haraam companies (i.e. alchohol, cigarette, banks, etc) are not allowed based on islamic shariah.
Comment on post
Apart from this, you could invest in stocks of "halal companies" (i.e. no alchoholic, cigarette, financial institution like bank, etc.) THese could be companies like ExxonMobil, Chevron, General Electric, Microsoft, etc.
Comment from UK brother
This assumes that these companies (ExxonMobil, Microsoft etc) donot deal in interest from banks.
Please read this article on islam Q and A found in the link below
http://www.islam-qa.com/index.php?ref=8590&ln=eng&txt=shares
A sample of this article is shown below.
Excluded from this are companies which deal in haraam things, such as selling alcohol, tobacco and music tapes. It is not permitted to have shares in these companies, or to buy these shares. If the company openly deals in ribaa (usury, interest), then it is not permissible to deal with it. but if a manufacturing, agricultural or business company is compelled to deposit its money with the bank in order to protect it from being lost or stolen, then it is permissible because of that necessity for the owners of the company to get rid of the interest which the bank gives them on their deposits. Companies should also avoid using riba-based loans in order to set up production lines and factories; that should be achieved by using cash and the money of the shareholders.
And Allaah is the source of strength.
Sheikh Muhammed Salih Al-Munajjid
Post new comment