Selling names for participation in companies
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Fatwa number ( 14663 )
Q: There is a share in the Safola company that will be listed on the market, and there are people whose financial circumstances do not allow them to participate, and there are other people
who wish to take the names of those who do not have the means to participate with them, and they give them a sum of money in return, and they take a legal agency from them to participate on their behalf, and they have the right to dispose of those shares. Is this permissible in the Shari'ah? Please inform us, may Allah reward you, and may Allah reward you with the best reward.
A: It is not permissible for you to take the names and participate in their names, because it is a lie, since the reality is that the shares are yours and you are prohibited from increasing what you are entitled to. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: There is a share in the Safola company that will be listed on the market, and there are people whose financial circumstances do not allow them to participate, and there are other people
who wish to take the names of those who do not have the means to participate with them, and they give them a sum of money in return, and they take a legal agency from them to participate on their behalf, and they have the right to dispose of those shares. Is this permissible in the Shari'ah? Please inform us, may Allah reward you, and may Allah reward you with the best reward.
A: It is not permissible for you to take the names and participate in their names, because it is a lie, since the reality is that the shares are yours and you are prohibited from increasing what you are entitled to. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.