The ruling on holding Shares in Business Companies and Insurance Companies

Question :

I am a resident of Kuwait and we have shareholding companies that are specifically for business dealings, farming, banks, insurance companies and petroleum. The citizen (of Kuwait) has the right to hold shares - both him and the individuals of his families. So, we would like a beneficial answer regarding the ruling of the Islamic law concerning the likes of these companies.

Answer:

It is permissible for the person to hold shares in these companies if they do not deal with Riba. If they deal in Riba it is not permissible. This is due to confirmation of the forbiddance of dealing with Riba in the Book, the Sunnah and the consensus (Ijma') of the scholars. Likewise, it is not permissible for the person to hold shares in commercial insurance companies, because the insurance contracts contain deceit, purchase of what is unknown, and Riba. The contracts that contain deceit, purchase of what is unknown and Riba are forbidden in the Islamic law.

إقرأ المزيد :

The Riba Profits should be spent in the Ways of Goodness

Question : How can I get rid of the Ribs profits Islamically?Answer: I think and...

The Loan with Interest is not permissible

Question : I am an employee who makes a salary of about 3,048 riyals (monthly) a...

The ruling on working in Riba Banks

Question : I am just about to graduate and I intend to work in one of the banks ...

The ruling on giving raw Gold to the Jeweler to have it changed into Jewelry

Question : A man gave an ingot of gold to a jeweler and said to him, "Make this ...