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AL MABROOR INVESTMENTS

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AL MABROOR INVESTMENTS

CLARIFICATION

In the current issue of The Majlis, Vol. 23 No.12, on page 9 we have an article captioned:  AL-MABROOR INVESTMENTS.

In response to a question, we  answered that Al-Mabroor Investments are not  compliant with the Shariah, hence it is not permissible to invest in the venture.

Our ruling was based on a ‘Partnership Agreement’ which  is riddled with terms and conditions in conflict with the Shariah. We were given to understand that the contract was  an Al-Mabroor  partnership agreement.

Muhtaram Mufti Ebrahim Desai has now informed us that the Agreement on which we had based our ruling is NOT a product of Al-Mabroor Investments.

In view of Mufti Ebrahim Desai’s  clarification, we retract our ruling  which appears in Vol.23 No.12 of The Majlis.

Since we have not studied the product of Al-Mabroor Investments, we remain non-committal at this stage.

 

8 Rabiul Awwal 1438 - 8 December 2016

 

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