Whats the criteria for making stock halal. Some say it's 3 % haram, some say 5 %. What's the Islamic backing behind this?
Isn't what's haram is Haram? Why we have this 3 % thing??
Anyone explain pls.
@asyaphari You invest in yourself, in the form of skills to increase your income from employment, or you invest in a business that is operated by Muslims, or a business where you have a say over operations.
There is no easy buy button to invest with for a Muslim that wants to stay clear from haram entirely.
@unknown404 "Muslim" businesses always have debt factors in them, I live in Egypt, and interest here is even higher than the US. Opening a business isn't as easy as you make it sound like, if you're in a Muslim country, you probably have devaluating currency that is on the brink of collapse, which is way risky to deal with in local businesses term. And even if. You can't expect all Muslims to open businesses. That model will inherently yield itself impossible.
So, what are the options for Muslims living in Arab/Muslim countries? Stay in poverty like the last 2 centuries? Only rich Muslims are oil Muslims in the gulf, and those are now betraying Islam.
@simplymeandhe The interest rate on interest bearing loans is irrelevant. It’s all a grave sin.
It doesn’t matter where you are in the world, your obligation is to not wage war with Allah and his messenger by dealing in riba.
There are only 3 paths:
1) You invest in yourself so that your yield from employment increases
2) You start your own business alone or with a group riba-abstaining Muslims
3) You invest in a business where you have control over operations or at the very least whoever has control of operations is also riba-abstaining (basically private equity).
