Islamic Financial Services in the United Kingdom

By Elaine Housby | Go to book overview

CHAPTER 7
INVESTMENTS AND WEALTH MANAGEMENT

Having previously looked at savings accounts, where the depositor has no direct concern with how the funds are invested, this chapter will look at the wider field of investment, particularly direct investment in stocks and shares.


Screening of investments

There are a number of issues to consider when deciding whether an investment in the shares of a particular company is acceptable in Islam. The most obvious is the nature of the company’s business. Directly prohibited in Islam are pork, alcohol and gambling, and the sexual morality of the religion is normally considered to preclude any form of pornography. Tobacco has not historically been specifically forbidden in Islam, but modern thinking is that it is precluded by the general prohibition of intoxicants as well as the deeper assumption that God desires us not to engage in behaviour that is harmful to us. Some scholars regard all forms of audio-visual entertainment as undesirable or even forbidden, because of a strict interpretation of traditions disapproving of music or acting or simply because it is seen as a waste of time that could be better spent in religious activities. The arms trade is usually regarded as unacceptable. While some individual Muslims might take

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Islamic Financial Services in the United Kingdom
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Foreword vi
  • Chapter 1 - Introduction 1
  • Chapter 2 - History of Islamic Financial Services in the United Kingdom 23
  • Chapter 3 - Personal Accounts 45
  • Chapter 4 - Personal Finance 65
  • Chapter 5 - Home Finance 81
  • Chapter 6 - Takaful 107
  • Chapter 7 - Investments and Wealth Management 121
  • Chapter 8 - Sukuk 141
  • Chapter 9 - Business Finance 157
  • Conclusion 173
  • Glossary and Abbreviation 193
  • Index 199
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