I was debating in putting some money in stocks to have something when I'm older or a just in case I would ever need it. Would this be haram and are their any guidelines I should follow when selecting which companies to invest in?
Stock Investments Haram?
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aamirsaab
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Investing in a business is not haram. However, if it's an alcohol producer or pork butcher then it'd probably be haram, simply because those things are haram and so is anything related to them.
If it's for IBM, Intel, AMD, ASDA, NEXT etc then there isn't any problem. Do be aware of people saying that it is haram though, because in actual fact it isn't. Those that say it is haram try to pull the gambling rule on ya, but if you understand the concept of investing you won't fall for it.
crayon
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So basically, what brother amirsaab said. As long as you're not investing in a haram based business, it should be perfectly fine. :]
So basically, what brother amirsaab said. As long as you're not investing in a haram based business, it should be perfectly fine. :]
Gator
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What about equity investments in companies that also use debt (interest based) financing? Would riba play a role in your interpretation?
Investing in a business is not haram. However, if it's an alcohol producer or pork butcher then it'd probably be haram, simply because those things are haram and so is anything related to them.
If it's for IBM, Intel, AMD, ASDA, NEXT etc then there isn't any problem. Do be aware of people saying that it is haram though, because in actual fact it isn't. Those that say it is haram try to pull the gambling rule on ya, but if you understand the concept of investing you won't fall for it.
aamirsaab
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Not sure. I'd have to check it out but since it is dealing with interest it might be better to not invest in that company. Again, I'm not 100% sure. Though, when in doubt, do without.
Like 2 or 3 persons can own a property at a time, similarly a share is an ownership of that part of Co. So there's no harm in buying shares with intent to benefit from real business of that Co.
BUT trading frequently like on daily basis, i've doubts about it's permisibility. It look more like gambling, since u don't go for Co.'s actual performance rather u try to make profit by price fluctuations caused by news etc.