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Q.) Is it permissible
to buy and sell stocks?
A.) A
Muslim can acquire the shares of a joint stock company with the
following conditions:
1. The
main business of the company must be Halaal (permissible)
according to Shariah. So, a Muslim cannot invest in a company
whose main business is Haraam, like the traditional banks,
insurance companies, companies dealing in wines, etc.
2. If
the main business is Halaal, but it is involved in borrowing money
on Interest or placing its funds in an Interest bearing account a
Muslim share-holder should raise his voice against this practice
in the annual general meeting of the company.
3.
When a Muslim share-holder receives a dividend he must ascertain
that proportion of the profit of the company which has accrued on
its interest-bearing accounts. Then a similar proportion from his
own dividend must be given by him to a person or persons entitled
to receive Zakaat.
4. If
all the assets of a company are in a liquid form and the company
has not yet acquired any fixed assets or any stock for trade, then
the sale and purchase of shares must be on their par value only.
If
anyone of these conditions is contravened, the investment in a
company is not permissible in the Shari'ah.
NB.
The above ruling has been issued by Justice Mufti Muhammad Taqi
Usmani.
Article taken (with Thanks) from Albalagh.net |
