Q 1: I am a
Kuwaiti
citizen. There are private joint-stock companies in fields such as commerce, agriculture, banking, insurance, and oil. A citizen has a right to subscribe in these companies, along with their family members. Please advise us of the Shar‘y (Islamic legal) ruling on such companies.
A:
It is permissible to buy shares in these companies, provided that they do not deal in Riba (usury/interest). If they do deal in Riba, it is not permissible, as it is confirmed by the Qur’an, Sunnah, and Ijma‘ (consensus of the scholars) that it is Haram (prohibited) to deal in Riba. Similarly, it is also not permissible to buy shares in
commercial insurance companies, because insurance policies include Gharar (uncertainty), Jahalah (ignorance, not knowing), and Riba (usury/interest). (Part No. 14; Page No. 316) Contracts that include Jahalah and Riba are Haram according to the Shari‘ah (Islamic law). May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
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