Question Summary:
I would like to ask about loan

Question Detail:

I would like to ask about loan. Here bank is offering the loan in the Islamic view like that , if you request a 1000 $ to the bank, bank will purchase the share for you including the brokerage charge with the amount of 1000 $. Shares are belong to the totally halal oriented company which is ensuring by the bank or you can select the companies. Once bank purchased the share , you can decide the sale date of the share . Either immediate or lately. Gain or loss can be happen while sale. Once bank purchase the share , you are responsible to pay the loan as monthly installment.

Is it above mentioned loans are acceptable by shareea as a Shafi follower.

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
Your question is unclear and ambiguous. In all probability you are referring to the concept of Diminishing Musharakah. While the bank may offer the concept, what guarantee do you have that the terms and conditions of the contract are not Shariah Compliant? Who will supervise the bank’s operations to ensure the transaction is Shariah Compliant? How do we know if the funds used by the bank are not tainted? What is referred to as brokerage charge? Kindly submit the terms and conditions of the contract in order for us to issue a ruling.
And Allah Ta’āla Knows Best
 
Mufti Ismail Desai,
Darul Iftaa
 
Checked and Approved,
Mufti Ebrahim Desai.