Question ID: 26847
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Assallaamu alikum respected muftisahb,

Currently, there are alot of “Islamic” products on the market instead of the convential interest saving accounts offered by convential banks. Some of them are offered by them (eg. FNB, ABSA,etc) or through “Sharia compliant” institutions (eg. Oasis income fund, Kagiso islamic fund,etc). I see these funds offer a profit share instead of interest for leaving your money with them over time.

Is this the same as interest just repackaged differently or are these sharia compliant (halal)?

regards

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Asked on May 19, 2014 5:21 pm
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As per the research of many, this 'profit share' is actually just interest given another name. They are not Shari Compliant.
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Answered on May 19, 2014 5:21 pm