Back to search
The question

How can CashU amend its savings program—which is based on certificates of deposit and investing the collected funds in the company's electronic products with the calculation of profits and rewards—to be compliant with the provisions of Islamic Sharia?

Share this answer

Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 20261 min readAlso available in العربية
The answer

This investment is forbidden because the profit is a percentage of the capital, which invalidates the partnership Islamically, and makes it an interest-bearing loan if combined with a capital guarantee. To correct the contract, there should be no stipulation for a capital guarantee, and the profit should be a percentage of the actual company profits, not of the capital.

Summarized from the full answer at Ftawy · imported

Read the full answer on Ftawy
Where this answer came from
Source platform
Ftawy
Original fatwa ID
16656
Imported
Translation status
Source text, unreviewed
Read the full ruling
Read the full answer on Ftawy