03-20-2009, 02:09 AM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by awaisaftab</i>
<br />Dear Wasim and Malik,
I know about some persons who hold directorship in many companies, I don't know what is law in other countries in this regard. But in my opinion the number of companies whose a person can become director should must be reduced.
Accountants are followers of law but as a group of persons, which follow and respect law, we have to also point out the shortcoming and deficiencies of law to protect the rights of ignored,helpless and innocent sections of society i.e. minority shareholders.
It is cruel reality the rights of minority shareholders and investors are badly exploited by the BIG CROCODILES of capital market and corporate sector.
In the beginning of 2005 some big investors of Karachi, Islamabad and Lahore stock exchanges created an artificial boom in the capital market with the help of some director of companies, who had directorship in many companies. On making huge investment by the small investors and shareholders they withdrawn their funds and small investors suffer a lot many. The SECP was unable to protect the rights of investors in the whole story.
Regards,
Awais
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Interesting, undermentioned quote is also yours which indicate that speculation business is prohibited in islam. [)]
Hence, Islam prohibits Muslim from investing in usurious business. As per injunction of Holy Quran and Sunnah (SAW) you cannot purchase the shares of any bank involved in non Islamic banking.
Some reliable sources have quoted that a well known Beverages national company (Listed Public Ltd Company) is also involved in the production of wines. When the matter is brought in the knowledge of a Mufti of Rawalpindi (Maulan Mufti Ismail Tooro, Raees Darul Iftaa Jamia Islamia Kashmir Road Rawalpind,who also have wide knowledge of economics ) he gave the FATWA that no one can involve in the sale and purchase of shares of the said company. So in the light of above Fatwa you cannot purchase shares of any non Islamic bank.
For detailed fatwa please contact
Maulana Mufti Ismail Tooro
<br />Dear Wasim and Malik,
I know about some persons who hold directorship in many companies, I don't know what is law in other countries in this regard. But in my opinion the number of companies whose a person can become director should must be reduced.
Accountants are followers of law but as a group of persons, which follow and respect law, we have to also point out the shortcoming and deficiencies of law to protect the rights of ignored,helpless and innocent sections of society i.e. minority shareholders.
It is cruel reality the rights of minority shareholders and investors are badly exploited by the BIG CROCODILES of capital market and corporate sector.
In the beginning of 2005 some big investors of Karachi, Islamabad and Lahore stock exchanges created an artificial boom in the capital market with the help of some director of companies, who had directorship in many companies. On making huge investment by the small investors and shareholders they withdrawn their funds and small investors suffer a lot many. The SECP was unable to protect the rights of investors in the whole story.
Regards,
Awais
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Interesting, undermentioned quote is also yours which indicate that speculation business is prohibited in islam. [)]
Hence, Islam prohibits Muslim from investing in usurious business. As per injunction of Holy Quran and Sunnah (SAW) you cannot purchase the shares of any bank involved in non Islamic banking.
Some reliable sources have quoted that a well known Beverages national company (Listed Public Ltd Company) is also involved in the production of wines. When the matter is brought in the knowledge of a Mufti of Rawalpindi (Maulan Mufti Ismail Tooro, Raees Darul Iftaa Jamia Islamia Kashmir Road Rawalpind,who also have wide knowledge of economics ) he gave the FATWA that no one can involve in the sale and purchase of shares of the said company. So in the light of above Fatwa you cannot purchase shares of any non Islamic bank.
For detailed fatwa please contact
Maulana Mufti Ismail Tooro
