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Sales Fatawa / Tawarruq in shares

Tawarruq in shares

publish date : 2016-01-09 | Views : 3470
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Respected Shaykh, Assalamu Alaykum wa rahmatullahi wa barakatuhu. What is your opinion concerning the issue of tawarruq in shares?

التورق في الأسهم

All praise is due to Allah. May Allah's peace and blessings be upon our prophet Muhammad, his family, and all his companions.
To proceed:
People ask a lot about tawarruq, whereby a person goes to a bank to buy shares for sale in the market, and he gains from the money obtained in the sale. This is permissible provided that three conditions are fulfilled:
The first condition: The bank should own the shares. If it does not own the shares at the time that the sale is concluded, then it would have sold what it does not own, and this is impermissible.
The second condition: These shares should be permissible like shares in services companies and so on.
The third condition: The buyer should not buy the shares on behalf of the bank, nor should he delegate the bank in selling the shares for him because if he does that, this would be considered to be a stratagem to go around the issue of interest.
When these three conditions are fulfilled, tawarruq will be permissible. And Allah knows best.

Shaykh Khalid al-Mosleh

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