Resolution No.(62) by the Board of Iftaa`, Research and Islamic Studies:
"Making Repentance after having Purchased Stocks of a non-Islamic Bank"
Date: 5/3/1424 AH, corresponding to 7/3/2003
All perfect praise be to Allah, The Lord of The Worlds; and may His blessings and peace be upon our Prophet Mohammad and upon all his family and companions.
We have received the following question:
In 1977, I bought two hundred stocks of a non-Islamic bank and I want to atone this sin. What is the view of Sharia regarding these stocks? Should I keep them or give them to charity, but keep my principal sum? Am I allowed to give their value to one of my sons whom I`m not obliged to support, to pay for his tuition, marriage and the like. How should I calculate the difference in the value of the currency between that time and now?
The Board is of the view that she should sell all the stocks that she herself had purchased from the bank and from her husband, then she should take only her principal sum as prescribed in the following verse, "Yet if you repent, you shall have your principal sums, not being unjust, and no injustice being done to you."{Al-Baqarah/279}. Moreover, She should distribute the remaining sum amongst the poor and needy, and she isn`t allowed to take any of it for herself unless she was poor. In this case, she may take what covers her need as a poor person. Moreover, she is allowed to spend on one of her sons whom she isn`t obliged to support as much as needed to cover the expenses of his study or marriage if he was poor.
As far as calculating the difference in the value of the currency between the time of purchasing the stocks and now, both values should be estimated and the total should be divided by two. And Allah knows best.
Chairman of the Iftaa` Board, Chief Justice, Izz Aldeen Attamimi
Dr. Wasif Al-Bakhri
Dr. Mohammad Abu Yahia
Dr. Yousef Ghizaan
Sheikhb Sa`id Hijjawi
Sheikh Na`iem Mujahid
Sheikh Mahmood Shwayat