Salams, I’ve seen PFE / Pfizer on many Islamic indexes so decided to buy three shares today using trading 212.
Then I saw on zoya that it’s regarded as shariah non-compliant. But no reason is given. I checked their debt to assets and it seems to be around 28%.
I’m very confused. Why is PFE one of the top investments on every Islamic index I’ve looked up?
What am I meant to do?
Assalamu alaykom. I personally thought Pfizer isn’t compliant due to what they “sell”… there could be some of their drugs being unislamic… I am personally against certain vaccines which contain either unethical elements or are made in a doubtful way, so I wouldn’t buy such shares…
Allahu A3lam… Apologies, I’m not helping just suggesting there could be reasons other than interest and debt?
Edit:
I just checked my Zoya and it says the interest bearing debt is 31.52%
there are generally two widely accepted methods for screening i.e. calculating the debt ratio VS 1. total assets OR 2) average market capitalisation.
That could be the difference you are seeing. Reading responses from muftis on different posts, both are acceptable method. If a shariah board has screened it then its probably would be ok.
Allah knows the best.
Aleikoum Salem ,
I asked myself exactly the same question
By checking through the Islamicly application I could see that PZE is considered Sharia Compatible.
The same thing about Moderna
Did Islamicly explain why?
Islamicly consider the activity Sharia Compatible