scholars regard shares from all companies as haraam. We hope that you
can explain.
Praise be to Allah.
Shares may be divided, according to the field of activity and work
involved, into three categories:
1.
Shares based on permissible work, such as companies that deal with
transportation, shipping, manufacturingclothing, tools, office
supplies, furniture, medical equipment, real estate, and so on, and
donot engage in any haraam practices or transactions, such as
cheating, or lending or borrowing on the basis of riba; rather they
follow Islamic rulings in all their transactions anddealings.
These types of companies are called "permissible" or "clean"
companies, and it is permissible to buy and sell shares in them.
2.
Shares based on prohibited types of work, such as companiesthat deal
with tourism, hotels that promote and aid in immoral actions,
breweries, riba-based banks, commercial insurance companies, companies
that print and distribute indecent magazines, and so on. It is not
permissible to buy shares or invest in this type of company, and it is
not permissible to advertise them or promote them.
With regard to these two types of companies, there is no confusion
about the ruling and thematter is quite clear.
3.
Companies whose field of work is basically permissible, but they
engage in some haraam practices or transactions,such as transportation
companies – for example– that have interest-bearing accounts in the
bank, or they are financed by means of riba-based loans from banks or
from people in the form of stocks.
These types of companies are called "mixed" companies. The
contemporary scholars differed concerning the ruling on them, but the
most correct view is that it is haraam to buy shares in them, invest
in them or promote them.
That is because the shareholder is a partner in the company based on
the number of shares he holds, so he is a partner to every transaction
into which the company enters, such as riba or other haraam
transactions.
With regard to the prohibition on promoting these companies, that is
because of what that involves of co-operating in sin and
transgression, helping to spread haraam and causing people to fall
into it. Allah, may He be exalted,says (interpretation of the
meaning):
"Help you one another in Al‑Birr and At‑Taqwa (virtue, righteousness
and piety); but do not help one another in sin and transgression"
[al-Maa'idah 5:2].
This view was favoured by the majority of contemporary scholars,
including the scholars of the Standing Committee for Issuing Fatwas in
the land of the two Holy Sanctuaries. A statement to that effect was
also issued by the Islamic Fiqh Council belonging to the Organisation
of the Islamic Conference, as well as the Islamic Fiqh Council
belonging to the Muslim World League.
It says in Fataawa al-Lajnah ad-Daa'imah, 14/299:
The basic principle is that it is permissible to hold shares in any
company if it does not deal with haraam things such as riba and so on.
But if it does deal with haraam things such as riba, then it is not
permissible to hold shares in it.
Based on that, if any of the shares mentioned are in a company that
deals with riba or haraam things, then it is essential to withdraw
from it and get rid of any profit by giving it to the poor and needy.
End quote.
Shaykh 'Abd al-'Azeez ibn 'Abdullah ibn Baaz, Shaykh 'Abd ar-Razzaaq
'Afeefi, Shaykh 'Abdullahibn Ghadyaan, Shaykh Saalih al-Fawzaan,
Shaykh 'Abd al-'Azeez Aalash-Shaykh, Shaykh BakrAbu Zayd
It also says (14/299, 300):
Firstly: if it is proven thata company deals in riba, whether taking
or giving, it is haraam to hold shares in it, because that comes under
the heading of helping in sin and transgression. Allah, mayHe be
exalted, says (interpretation of the meaning):
"Help you one another in Al‑Birr and At‑Taqwa (virtue, righteousness
and piety); but do not help one another in sin and transgression. And
fear Allaah. Verily, Allaah is Severe in punishment"
[al-Maa'idah 5:2].
Secondly: if a person previously acquired shares in a company
thatdeals in riba, then he hasto sell his shares in it andspend the
interest on charitable causes. End quote.
Shaykh 'Abd al-'Azeez ibn 'Abdullah ibn Baaz, Shaykh 'Abd ar-Razzaaq
'Afeefi, Shaykh 'Abdullahibn Ghadyaan, Shaykh 'Abdullah ibn Qa'ood
The Islamic Fiqh Council belonging to the Organisation of the Islamic
Conference issued a statement concerning shares in its seventh
conference, heldin Jeddah, 7-12 Dhu'l-Qa'dah 1412 AH/ 9-14 May 1992
CE, in which it says:
(a)
As the basic principle concerning transactions is that they are
permissible, founding a share-based company that has Islamically
acceptable aims and activities is something that is permissible.
(b)
There is no difference of opinion concerning the prohibition on
holding shares in companies whose basic aims are haraam, such as
dealing in riba, or producing or trading in haraam things.
(c)
The basic principle is that it is haraam to hold shares in companies
thatsometimes deal in haraam things, such as riba and so on, despite
the fact that their basic activities are Islamically acceptable.
End quote from Majallat al-Majma', issue no. 6, vol. 2, p. 1273; issue
no. 7, vol. 1, p. 73; issue no. 9, vol. 2, p. 5.
The Islamic Fiqh Council of the Muslim World League issued a statement
on the same matter in its fourteenth session in 1415 AH/1985 CE, the
text of which is asfollows:
1.
As the basic principle concerning transactions is that they are
permissible, founding a share-based company that has Islamically
acceptable aims and activities is something that is permissible.
2.
There is no difference of opinion concerning the prohibition on
holding shares in companies whose basic aims are haraam, such as
dealing in riba, or manufacturing or trading in haraam things.
3.
It is not permissible for aMuslim to buy shares in companies or banks
if some of their transactions involve dealing in riba, or
manufacturing or trading in haraam things.
4.
If an individual purchased shares not knowing that the company deals
in riba, then he finds out about that, what he must do is get out of
it.
The prohibition in this case is clear because of the general meaning
of the evidence in the Qur'an and Sunnah concerning the prohibition on
riba, and because buying shares in companies that deal with riba when
the purchaser is aware of that means that the purchaser himself is a
partner in dealing in riba, because the share represents part of the
company's capital, and the shareholder has a share in the company's
activities and possessions. So if the company lends any money with
interest, or borrows with interest, the shareholder has a share of
that, because those who deal with lending and borrowing on the basis
of interest are doing that on his behalf and acting as his delegate,
and delegating someone elseto do a haraam action is not permissible.
May Allah send blessings and peace upon our Prophet Muhammad andupon
his family and companions. Praise be toAllah the Lord of the Worlds.
End quote.
Dr. Muhammad ibn Sa'ood al-'Usaymi (may Allah preserve him) was asked
about the ruling on investing in mixed shares.
He replied: It is not permissible according tothe majority of
scholars, except investing in "clean" shares, whether one is buying
shares or investing. End quote.
http://www.halal2.com/ftawaDetail.asp?id=1201
With regard to the view that shares in all types ofcompanies are
haraam, this view is incorrect, because there are some companies of
the first type, which are the onesthat adhere to Islamic rulings in
their dealings. But perhaps those who are of this view were motivated
to say that because companies of the first type are very few and most
companiesare of the second and third types.
And Allah knows best. - - ▓███▓ Translator:->
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