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The question

What is the ruling of Islamic law on entering the global stock market through a foreign bank in Dubai, where a one-year linked bank deposit letter for an amount of 10 million dollars is required, with the depositor receiving monthly profits of 50% of the principal amount, the bank 40%, and the broker 10%?

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

The type of bank (usurious or non-usurious), the nature and terms of the contracts concluded, and the nature of its dealings with the global stock market were not mentioned, nor whether it adheres to Sharia controls in all of that. Therefore, the mentioned transaction cannot be ruled upon. However, most foreign banks deal in usury and unlawful matters, so it is advisable to avoid this transaction.

Summarized from the full answer at Ftawy · imported

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Source platform
Ftawy
Original fatwa ID
67957
Imported
Translation status
Source text, unreviewed
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