The Ruling on Dealing in Unknown Stocks

Question:
And he is a questioner who says: What is the ruling on trading with this condition? This is from the era of gharar (excessive uncertainty), and our system is that in what he tells you regarding trading in them, we must adopt the position that they differ in the act of the thing. So, from the one who fasts, the one who trades in them, and from the one who fasts, the one who trades did not intend except as…

Answer:
As we mentioned in the previous answer, the Muslim must be cautious and not be swept away by rumors, temptations, and advertisements. Rather, he must be cautious, study the matter, know who he is dealing with, and know what transactions these companies engage in. He should not put his money into something unknown due to haste and the love of money. He must be cautious. As for the scholars whose opinions are relied upon, they have not issued a ruling permitting dealing in these stocks. I do not know of any recognized scholar who issued a ruling permitting dealing in these stocks based on their profits. And while some students of knowledge who engage in independent legal reasoning (ijtihad) often err, I do not know of any recognized scholar or scholar of legal rulings who has issued a ruling permitting dealing in these stocks.