AL MABROOR INVESTMENTS - CLARIFICATION BY THE MAJLIS
AL MABROOR INVESTMENTS
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 Investmentsare 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.