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05-02-2012, 09:54 PM
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#1 |
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 Double your money - Halal?
Salaam,
OK what are your thoughts on this? I want to start by saying what I am am about to write in my post is 100% as far as I know and I know at least 10 people (who i know first hand, some are even related to me). There is a scheme or investment opportunity however you want to define it and basically its double your money in either 3 months or 6 month depending on how long the project is. How it works is you give x amount and you get double x amount back in the time scale which is defined. Like I said I know 10 people who have literally made a fortune doing this. I have been told this is related to oil fields around the world in different countries to be honest the people I know who have benefited from this don't seem to know 100% other than it's invested in something to do with oil (they don't really care as they know the person doing it and trust him and have doubled their money plenty of times). I have asked further question to see if this money is from a haram means and the reply from people close to me is we have been told it's not haram it's halal income and we don't ask any further questions, they do say that it has been explained to them and they invest in oil drilling in Pakistan and soon in Iran. I have not been tempted by this as I need 100% assurance it is halal and I suspect when I speak to the man in charge of this I won't get any real information in detail but will get his assurance that it is halal. When something is too good to be true it usually is. I have said tot he people I know that it sounds like a Ponzy scam but they all deny it is anything like that I have know people who started with 1k and ended up with over 20k in a year and a half. From an islamic perspective how far do you have to go in finding out where your money is being invested into and what is happening behind the scenes, the people I know think I am silly fo rnto jumping on the bandwagon but Alhamdulillah principles in life have changed and I will not risk an ounce of haram in my Rizq. |
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05-04-2012, 12:07 AM
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#2 |
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05-04-2012, 02:43 AM
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#3 |
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this is interest I am not disputing what you said it sounds right but care to explain why this is interest and not a profit part of an investment where it has been arranged beforehand? |
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05-04-2012, 05:00 AM
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#4 |
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because there is a fixed return
see for example: http://darulifta-deoband.org/showuse...all=en&id=7160 http://islamicfinance.com/2011/09/04...-fixed-return/ |
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05-04-2012, 06:06 AM
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#5 |
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JazakAllah Khair my brother that makes perfect sense.
I will look into a bit deeper and tell those who are involved. |
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05-04-2012, 06:56 AM
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#6 |
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Assalam alikum
Sounds like an interesting proposition. Could you share more info about the scheme please? Wassalam |
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05-04-2012, 05:14 PM
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#7 |
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Assalam alikum I can obtain further information by meeting the individual and have been invited to do so but might do when I get a bit of time but from what the other brother has said this is classed as Riba as it's a fixed return in which case it isn't worth considering. |
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05-04-2012, 07:26 PM
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#8 |
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Salaam,  This is purely haram as it is based on Fixed Return. Investment doesn;t guarantee fixed amount and who ever claims that the returns are fixed are faking and this cannot be halal. As per my little knowledge of investment, returns and schemes. There is no way to "double money" unless and untill it is purely based on cheating or some hot services sector business. Oil drilling is not a service sector business, thus there is no chance to get "double money" from there. Not to mention that drilling oil in Pakistan sounds more funnier. |
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05-04-2012, 07:45 PM
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#9 |
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I must at once inform the people who I know who are part of this especially family members. Once again forgive my ignorance but i assume this is laws of sharia and not questionable and all 4 madhabs agree to this? |
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07-02-2012, 07:44 PM
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#10 |
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Salaam,
I am re-opening this for your advice. This scheme is Haraam as it is Fixed Rate Return. Now some people I knwo who I wish to advice and educate are using examples like Ok its Haraam but I have loans to pay off / Riba / Mortgages so it's ok to use make money like this just to pay off the money we owe. What is the best way to answer this and explain to them? |
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