By Zaidul Haque, TwoCircles.net,
Kolkata: Any interest-based business transaction is strictly prohibited in Islam but ‘share trading’ is allowed as it is based on profit sharing, therefore allowed according to Islamic rules, said Khalid Saifullah Rahmani, secretary of All India Personal Law Board.
Maulana Khalid Saifullah Rahmani, Secretary of AIMPLB and Member of Parliament Maulana Asrarul Haque Qasmi in a seminar on `Business and Islam’ held on 26 October, 2014 at Kalakunja Auditorium, Kolkata. Organised by Millat Charitable Trust
“However, no one should trade in shares of those companies/products which are strictly prohibited in the Shariah. These are shares related to liquor, pornography, etc. which are never to be purchased. The kind of share trading that does not violate Shariah rules are established as per the Shariah Advisory Board,” Rahmani, also the secretary of Islamic Fiqah Academy, said at a seminar on ‘Business and Islam’ organized by Millat Charitable Trust here on October, 26.
Mumbai-based ‘Tasis’ is working out the Shariah-based share in our country. Anyone can pick up the Shariah-based listed share from their website.
Seimnar on `Business and Islam’ held on 26 October, 2014 at Kalakunja Auditorium, Kolkata. Organised by Millat Charitable Trust
He said, “Islam never permitted speculation, stocking. `Short selling’ or selling without purchasing, these business practices are not allowed according to Shariah rules. In this regards, there are little restrictions about Mutual funds. Think about a Muslim State Bank of India offering Shariah-based Mutual Funds. Already, a Shariah Advisory Committee has been formed with the renowned Islamic clerics (Alim) as chairman of the advisory board.”
Member of Parliament and president of All India Talimi wa Milli Foundation Maulana Asrarul Haque Qasmi said, “Quran has directed – after Namaz (everyone should) spread out. Don’t sit in the Mosque (instead) search for earning.”
Audience of the seminar on `Business and Islam’ held on 26 October, 2014 at Kalakunja Auditorium, Kolkata.
Discussing the business in light of Islam, principal of Madrasa Shahi of Moradabad Syed Maulana Muhammad Ashhad Rahidi said, “A devoted business will face no problem in ‘Qayamat’. Allah loves who read ‘Tasbih’ within his business work rather than spend time sitting at the Mosque. All those who are concerned about Islamic restrictions, can never be corrupted, (their) customers will never be cheated.”
The organizers said this kind of seminar was organized to raise awareness of Shariah- related business.