Fatwa #1753818 February 2009South Africa

Oasis and Futuregrowth

Checked by Mufti Ebrahim Desai

Question

I accept your ruling regarding Oasis and Futurerowth {trading in shares being impermissibille}. I have profits from the mentioned shares since I invested when there was no ruling regarding impermissablity. Can I use the profit to pay the vat on a vehicle I am purchasing.

Answer

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatuh

The gain from the investments of Oasis and Futuregrowth is not regarded as profit but interest. It is therefore not permissible to use these interest funds to pay for VAT on any item.

And Allah knows best

Checked and Approved by:

Mufti Ebrahim Desai
Darul Iftaa

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