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Search Fatawaa

Subject : : (Ruling on Trading in Shares (Mudarabah

Fatwa Number : 783

Date : 16-06-2010

Classified : Current Financial Issues

Fatwa Type : Search Fatawaa

Question :

Are the shares of Royal Jordanian, Jordan Petroleum Refinery Company and Jordan Steel Company considered lawful or unlawful?

The Answer :

Praise be to Allah, The Lord of the Worlds.

Judging for certain that the shares of a particular company are lawful or unlawful to trade in rests on examining the financial statements of that company. In principle, trading in the shares of shareholding companies, and other, is lawful unless it is proven that their transactions involve Riba (usury/interest). For example, if the percentage of Riba constitutes a substantial part of their budget then it is forbidden to trade in their shares, as stated by all Muslim scholars.

However, if the usury constitutes a small percentage, for example (5%), then Muslim scholars hold two different opinions on trading in the shares of these companies:

First: It is forbidden as stated in the resolution of the International Islamic Fiqh Assembly No. (63, 1/7).

Second: It is lawful as stated by many specialized researchers and committees of Sharia.

As we haven`t received the financial statements of the above companies, we can`t issue a fatwa in that regard. However, the questioner may seek the help of some companies or centers that conduct such specialized studies (Financial statements). Kindly check fatwa No (663) on our website. And Allah the Almighty knows best.



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