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Fatwa CenterPurchasing and selling investment certificates
Question
In Pakistan there are banks named as Islamic bank they offer to buy certificates from us for 3 months, 6 months or 12 months and they say they invest in business; after that said period they show profit/loss. From the profit they keep some percentageof it, is this proper according to Islam or no? please give fatwa.
Answer
Praise be to Allah, the Lord of the Worlds; and blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.
In dealing with Islamic banks, which are restricted to lawful transactions, purchasing and selling investment certificates is permissible. You should reconfirm that the activities of those banks are in lawful fields and that an Islamic judicial committee supervises them. Taking a certain percentage of profit against their work is permitted. Allah knows best.
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