I would like to know our Gupshup Scholars to elaborate a little on this issue.
Is buying stocks halal? For some odd reason it seems to be a stupid question but i was thinking what the heck i might as well ask.
Re: Stocks and Islam
No. Since it falls under "Game of Chance" ie. Gambling.
Re: Stocks and Islam
Doesn't going into business fall under "game of chance"?
Re: Stocks and Islam
The risk is far higher in Stocks.
Re: Stocks and Islam
Also, if you make any gain, that money cannot be used for personal purposes. The money gained from stocks/lottery/ can only be given to charity.
Re: Stocks and Islam
That depends on what sort of business you go into.
So risk dictates what is haram and what is halal?
Re: Stocks and Islam
ok let me elaborate:
Stocks == You do not need to work, to gain profit.
Lotteries == You do not need to work, to gain profit.
Gambling/Bets == You do not need to work, to gain profit.
Therefore they are Haram.
Re: Stocks and Islam
To have any success with stocks, it requires a LOT of work.
Re: Stocks and Islam
itsme01-stocks.....i wish what u said was true *sighs!*
Re: Stocks and Islam
achi baat hai....its good that a large population stay out of stock market....more arbitrage opportunities for the rest of us...
Re: Stocks and Islam
Stocks == You do not need to work, to gain profit. Lotteries == You do not need to work, to gain profit. Gambling/Bets == You do not need to work, to gain profit.
Therefore they are Haram.
So are all the stock analysts, brokers, and traders not doing any work to gain a profit? Are you sure about that?
But I thought stocks were totally halal. It is against Islam to pay and ask for interest. Isn't having a share exactly what is prescribed in islamic mortgage? Isn't buying a stock like being a partner in a company? So, by extension, is it haram to have a business partner as well?
Re: Stocks and Islam
Stocks are fine. There is even an index managed by (I think) a British company that offers "halal" stocks (i.e. those that avoid breweries, Western arms companies like Lockheed, etc).
I personally would never invest in many companies because of moral objections, so watch where you put your money.
Re: Stocks and Islam
Not really, I believe. There are different ways of “investing”. You can invest in a business as long as its core business is not towards haram products etc. banking (interest based), beer/wine etc.
In “gambling”, “lottery” you lose ALL what you “invest”, however in “stocks” you might lose a certain percentage but not ALL, only in rare cases a company goes ‘pink’ but still you get to keep a paltry % of your money. In most lottery/gambling your money is multiplied by a BIG number, in most of investments your money doesn’t get multiplied by a good factor overnight.
Re: Stocks and Islam
Stocks == You do not need to work, to gain profit. Lotteries == You do not need to work, to gain profit. Gambling/Bets == You do not need to work, to gain profit.
Therefore they are Haram.
You know you are going to head into a wall soon with this theory.
Here is a scenario. I am a wealthy businessman and i meet a poor pharmacist who doesnt have any money to do a start-up. I finance the whole thing with my million bucks and give him a partnership for free in exchange for running the shop. So, I just sit on the sideline to reap the profits while he does all the work. So, technically, that is haram too, right or is it?
Re: Stocks and Islam
is playing loterry haram?
Re: Stocks and Islam
technically yes, it is haram. Since all you have done is invested money, but not worked in the pharamacy or managed accounts, etc.
Lets assume i agree with you, But What if I win Millions!, would that make the money gained from the winnings Halal>? umm NO.
Re: Stocks and Islam
its me -
Prophet PBUH was a business man himself you think He made no profit?
Re: Stocks and Islam
oh you bet it definitely is, and in fact is the pure form of gambling for that matter.
Re: Stocks and Islam
anwar sahib i was expecting alot more input from you what happen?
_waiting on your quotes ...
Re: Stocks and Islam
Buying and dealing with stocks is perfetly halaal as long as one does not indulge into tactics of dealing with Riba (interest) based transactions.