The Ruling on Subscribing to Joint-Stock Companies

Question:
Honorable Shaykh, may Allah grant you success, many questions are asked about the ruling on subscribing to joint-stock companies, and I have mentioned some of them.

Answer:
By Allah, I do not know them, nor do I have any doubt about them. They have multiplied now; the hyenas have swarmed over the bed, and every day there is a company, every day there is a subscription and tricks. They invent tricks to take people’s money and lure them with advertisements. People have become so confused now that they do not know where to turn. So the Muslim should refrain from these matters and seek his livelihood in what is clear and lawful. The Messenger (peace and blessings be upon him) said: So the Muslim takes the clear lawful and leaves the clear forbidden and refrains from the doubtful until it becomes clear. As long as it is doubtful, he refrains from it until it becomes clear.
And praise be to Allah, livelihoods are abundant, and there are many avenues for seeking livelihood. We leave these tricks and these advertisements by which they eat people’s money. How many disasters have occurred because of these things?
And how much wealth has been lost and wasted, and how many rich people have gone bankrupt quickly, and this is a known and observed fact. Do people not get deceived by these advertisements and these things?
And you know what is announced in the newspapers every day: a person is arrested who tricks people and runs away and takes their money and runs away. He opens an institution and puts up advertisements for it and collects people’s money, then he disappears and it is not known where he went. Do you not think you know this? This is announced in the newspapers every day. Do you not consider this? Yes.