What is the ruling on profit sharing (mudaarabah) and investing in shares of al-Raajihi Bank?.
Praise be to Allaah.
It is permissible to engage in profit-sharing and investment in shares of al-Raajihi bank so long as they are pure shares and not mixed (i.e., shares in purely halaal ventures). Dr. Muhammad al-‘Usayni (may Allaah preserve him) included shares in al-Raajihi among his list of permissible shares.
This applies if the investment is in the shares of al-Raajihi itself; as for the al-Raajihi funds that deal with local or Gulf shares, they are not limited to pure shares; rather they deal with mixed shares, and the view of the majority of scholars is that it is haraam to deal in mixed shares.
And Allaah knows best.