Islam Question and Answer - Buying shares in a bank that does not deal in ribaa

Thu 12/1/1430 - 8/1/2009

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Principles of Fiqh » Jurisprudence and Islamic Rulings » Transactions » Business and Financial Transactions » Business Contracts

Buying shares in a bank that does not deal in ribaa

The Islamic bank has shares for sale. The values of one share is US$110. Our understanding is that this bank does not deal in ribaa and that the values of the shares will be used in business ventures that are free of any dealings in ribaa, and the profits will be divided among the shareholders. Because we are worried about falling into anything that is prohibited, we hope that you will tell us whether this is allowed or not.

Praise be to Allaah.

It is permissible to buy shares in banks which do not deal in ribaa, and the profits earned through having shares in the bank and which are the result of dealings that did not involve anything haraam are halaal.

And Allaah is the source of strength. May Allaah bless our Prophet Muhammad and his family and companions, and grant them peace.

Standing Committee on Academic Research and Issuing Fatwas. Fataawaa al-Lajnah al-Daa’imah, 13/507

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