Q: The shares of new joint-stock company named
safula
will be offered in the market. Some people can not buy shares due to their financial conditions. On the other hand, there are others (Part No. 23; Page No. 464) who want to exploit the names of those who are financially incapable to make their own investments, and this is in return for money to be paid to them. As such, they will receive from them what is known as Wakalah (appointment of a legally accountable person to act on behalf of another for a specific permissible matter) or power of attorney to buy shares and bonds on their behalf, but they are entitled to full exploitation of these shares. Is this legally permissible? Kindly give us the legal Fatwa in this regard. May Allah reward you the best.
A:
It is not permissible to exploit other people's names to buy shares in their names, because this is lying and the shares are already yours. Furthermore, you are not permitted to take more than your share by means of deception and fraud.May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
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