Q: The Saudi company for industrial development named Tatwir has cash money deposited in commercial banks. The company is concerned with looking for good opportunities for investment for short, known terms and with a minimum risk. We ask Your Eminence to give us the legal Fatwa (legal opinion issued by a qualified Muslim scholar) regarding the possibility of investing this cash money for the purpose of purchasing
governmental development stocks
which are bought at a fixed price for a known period of time and in return for pre-set profits known at the time of purchase.
A:
It is not permissible to sell or buy these stocks, because this is Riba (usury) which is Haram (prohibited) by the Shar`y (Islamic legal) text and Ijma`(consensus) of Muslim scholars. (Part No. 14; Page No. 354) May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
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