According to Madhhab:
With the recent legalization of cannabis production in various countries there have a list of company’s involved in production of cannabis for medicinal and other purposes .
These companies have been listed on stock exchanges . There is exposure to this asset class in South Africa via exchange traded funds (“ETF”).
Would it be permissible from a sharia perspective to invest in such ETF’s.
Our Darul Ifta does not approve of trading on the stock exchange (even if it involves investing in companies that deal in permissible commodities); hence all the more reason why we have reservations in approving the investment in question as well.
AND ALLAH TA’ALA ALONE IN HIS INFINITE KNOWLEDGE KNOWS BEST
ANSWERED BY: Mufti Mohammed Desai
CHECKED AND APPROVED BY: Mufti Muhammed Saeed Motara Saheb D.B
Darul Ifta Azaadville