Fatwa #900229 August 2003South Africa
Please advise whether the Futuregrowth Albaraka Equity Fund is a halaal investment.
Answer
We have contacted Channel Islam International and hereunder is their response.
1. The Futuregrowth Al-Barakah Equity Fund comprises four partners, namely; Futuregrowth, Al-Barakah Bank, Fraters Asset Management and Channel Islam International.
2. The Shari?ah Supervisory Board (SSB) which oversees the Shari?ah compliancy of the fund is headed by the respected scholar Justice (R) Mufti Taqi Usmani Saheb of Karachi and ably assisted by his son Dr. Imran Usmani as well as Mufti A K Hoosen. All aspects of the Shari?ah are clearly monitored by the board.
3. For any further enquiries, regarding the Futuregrowth Al-Barakah Fund, kindly contact Mufti AK Hoosen at Channel Islam International.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
1. The Futuregrowth Al-Barakah Equity Fund comprises four partners, namely; Futuregrowth, Al-Barakah Bank, Fraters Asset Management and Channel Islam International.
2. The Shari?ah Supervisory Board (SSB) which oversees the Shari?ah compliancy of the fund is headed by the respected scholar Justice (R) Mufti Taqi Usmani Saheb of Karachi and ably assisted by his son Dr. Imran Usmani as well as Mufti A K Hoosen. All aspects of the Shari?ah are clearly monitored by the board.
3. For any further enquiries, regarding the Futuregrowth Al-Barakah Fund, kindly contact Mufti AK Hoosen at Channel Islam International.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai