Fatwa #176252 March 2009South Africa
I purchased futuregrowth and oasis shares before the ruling of impermissiblity of shares was announced. I have removed my cash but left the so called profits. Can this money be used to pay taxes, vat and rates. Eg. vat on a motor vehicle purchase.
Question
I purchased futuregrowth and oasis shares before the ruling of impermissiblity of shares was announced. I have removed my cash but left the so called profits. Can this money be used to pay taxes, vat and rates. Eg. vat on a motor vehicle purchase.
Answer
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
It is not permissible to use the dividends (interest) earned from the stock markets to pay taxes, VAT and rates.
The money will have to be disposed off in charity without the intention of reward.
And Allah knows best
Wassalam u Alaikum
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa