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Subject : Ruling on Holding Shares in a Company that Deals with Riba-Based Banks
Fatwa Number : 662
Date : 27-04-2010
Classified : Partnership in Business
Fatwa Type : Search Fatawaa

Question :

What is the ruling of Sharia on subscribing and holding shares in real estate and communications companies, such as Royal Jordanian, where some get loans from banks or make deposits there?



The Answer :

All perfect praise be to Allah the Lord of The Worlds. May His blessings and peace be upon our Prophet Mohammad and upon all his family and companions.

 

From an Islamic perspective, some companies comply with the rulings of Sharia while some don`t. Consequently, we can`t rule that a certain company is Sharia compliant or not until after studying its statute.

The ordinary citizen can review the company`s statute and if he finds that it involves usurious transactions or deals with usurious banks, then he/she must abstain from holding shares in that company or could consult a scholar of Sharia as to the best course of action. And Allah the Almighty Knows Best.






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