Tuesday, December 15, 2009

Jane Wells: Viva Las Vegas? Keep Watching CityCenter - CNBC

Jane Wells: Viva Las Vegas? Keep Watching CityCenter - CNBC

This is the real Dubai World. The leader of Gambling in the world. Those who do not understand Islamic Finance Should not certify. The shariah Scholar who certified Nakheel and its Parent Company Dubai World must answer this.

These Sukuk voilates first principle of Islam i.e. Maqasid Al Sharia. The income or rent Sukuk holders has received is basically from Prohibited Businesses i.e. Haram Activities ( Alcohol, Pork, Gambling, Dancing and Prostitution.). The income and guarantee of income from Haram Sources are Haram. All the income received by Sukuk holder therefore is haram and must be cleaned.
Structures and Contract are two essential things but what is more important is business model which should not voilate Maqasid Al Shariah. Even if the structure and Contract are valid but Business Model voilates Maqasid Al Shariah and indulges into Haram such structures and contracts are void. It is very important that complete value cycle of the product must be shariah compliant. The income from such void contract is Haram.

1 comment:

  1. I fully agree with you. Hypocrisy and manipulation has NO room in Islam and Islamic finance.. We must speak out otherwise Muslim investors looking for Shari'a compliant products will lose faith in the system.
    wassalam
    Tahir Zafar

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