Fatwa #571128 May 2002South Africa
Is it permissible to invest in the Oasis Crescent Equity Fund?
Answer
We have had a direct meeting with the board of Oasis.
As yet, we are not satisfied that these funds are Shari'ah compliant. The
board members themselves have distinctly displayed that they are still
getting their act in order. Until we are not fully satisfied, we cannot
declare investing in such funds to be Halaal.
The onus now lies with Oasis to dispel our misgivings which we have
expressed, and convince us that all their transactions are above board. If
this can be achieved, we would gladly declare investing in such funds as
Halaal.
and Allah Ta'ala Knows Best
Moulana Imraan Vawda
FATWA DEPT.
CHECKED AND APPROVED: Mufti Ebrahim Desai
As yet, we are not satisfied that these funds are Shari'ah compliant. The
board members themselves have distinctly displayed that they are still
getting their act in order. Until we are not fully satisfied, we cannot
declare investing in such funds to be Halaal.
The onus now lies with Oasis to dispel our misgivings which we have
expressed, and convince us that all their transactions are above board. If
this can be achieved, we would gladly declare investing in such funds as
Halaal.
and Allah Ta'ala Knows Best
Moulana Imraan Vawda
FATWA DEPT.
CHECKED AND APPROVED: Mufti Ebrahim Desai