DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Corporations and Limited Liability not Shariah Compliant

**tipokot** · 08-06-2012, 12:02 AM

I am quite shocked at how little the ulama speak about this subject...it is almost 'acceptable' to Muslims including the ulama.

This hurt me deeply. In the first email in the discussion and also in subsequent emails, both Mufti's repeatedly emphasised the efforts they had made to contact various different ulema's and institutions regarding their concerns only to be met by total silence. Only one of them responded (Mufti Ashraf). Many ulema permit it because they lack understanding, others permit it based on previous fatwa's when shares were actually a physical share in a company thus halaal (not the case now however hence such fatwas are now obsolete) and the one that really is a hard pill to swallow is some recognise the issues but hide under a difference of opinion. Mufti Ebrahim Desai commented on this issue that people say there is a valid difference of opinion, our opinion is it is halaal and you must respect that opinion. Alhamdulillah the Mufti takes apart that claim and shows how it is not a difference of opinion if one side provides no answers or evidences for their claim (like with madh-habs) thus upgrading it to an issue of Haq and Baatil.

I will make a conscious effort to take to some ulema in my locality Inshaa Allah after Ramadhan about this issue. I feel it is deeply important as many people invest in shares either as a career or as a plan for retirement.

I would like to point out that apart from the last category of ulema I listed, the others cannot be blamed as such so we should be careful not to fall into that trap. As I mentioned, many of our ulema may be relying on fataawa based on the old definition of shares, or in laymen dictionaries which do not present a true picture due to the nature of the layman. Finally, our ulema are primarily versed in Shariah and are not experts in law. If they slip up (they are human like us) they should be corrected but still respected. This was my disclaimer to the ulema we have who are innocent of knowingly evading the issue.

08-06-2012, 12:02 AM	#27
tipokot Join Date Oct 2005 Posts 414 Senior Member	I am quite shocked at how little the ulama speak about this subject...it is almost 'acceptable' to Muslims including the ulama. This hurt me deeply. In the first email in the discussion and also in subsequent emails, both Mufti's repeatedly emphasised the efforts they had made to contact various different ulema's and institutions regarding their concerns only to be met by total silence. Only one of them responded (Mufti Ashraf). Many ulema permit it because they lack understanding, others permit it based on previous fatwa's when shares were actually a physical share in a company thus halaal (not the case now however hence such fatwas are now obsolete) and the one that really is a hard pill to swallow is some recognise the issues but hide under a difference of opinion. Mufti Ebrahim Desai commented on this issue that people say there is a valid difference of opinion, our opinion is it is halaal and you must respect that opinion. Alhamdulillah the Mufti takes apart that claim and shows how it is not a difference of opinion if one side provides no answers or evidences for their claim (like with madh-habs) thus upgrading it to an issue of Haq and Baatil. I will make a conscious effort to take to some ulema in my locality Inshaa Allah after Ramadhan about this issue. I feel it is deeply important as many people invest in shares either as a career or as a plan for retirement. I would like to point out that apart from the last category of ulema I listed, the others cannot be blamed as such so we should be careful not to fall into that trap. As I mentioned, many of our ulema may be relying on fataawa based on the old definition of shares, or in laymen dictionaries which do not present a true picture due to the nature of the layman. Finally, our ulema are primarily versed in Shariah and are not experts in law. If they slip up (they are human like us) they should be corrected but still respected. This was my disclaimer to the ulema we have who are innocent of knowingly evading the issue.
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