A discussion on cooperation with banks and dealing in and purchasing stocks.
Machine translationRead the Arabic original
The questioner: And by Allah, Shaykh—may Allah reward you with good—; I mean, previously, since the day I spoke to the young people on the radio, asking questions with "Abd al-Aziz al-Shaykh".
The Shaykh : Yes.
The questioner: On the program... with the senior members of the Council of Scholars, that is.
Another questioner: Yes.
The questioner: And the imam of "Turki Mosque" in Riyadh.
Another questioner: Yes.
The questioner: So they said to him: We want to ask questions related to sales, so they asked him about stocks, my Shaykh.
The Shaykh: Yes.
The questioner: So what did he say? He said: There is no objection to buying stocks and dealing in them, provided the companies do not deal with riba (usury or interest).
The Shaykh: All right.
The questioner: I said: May Allah preserve our Shaykh, when this Shaykh is asked this same question, he says: Which company does not deal with riba? For all companies deal with riba, and their banks deal with riba; so it means all stocks revert to the banks; so this is not permissible to buy, so when he stretched this out like this, the people, I mean.
The Shaykh: Likewise, they are sent, they want to smooth things over!
The questioner: Yes... I mean, he is deliberate about this, I mean, the manager, he was asked about buying cars from companies and extending the term, he said: There is nothing wrong with it, it is an ijtihad (independent legal reasoning) of so many riyals.
The Shaykh :[Al-Baqarah 2:275] .
The questioner: Yes, and it went its way!!
Did he ask him about tawarruq (a commodity sale used to obtain cash), my Shaykh?
The Shaykh : Yes.
The questioner: By Allah, when I asked him the question, I said: Now he is going to smooth it over for him.
The Shaykh: He will tell you: Like this and like this.
The questioner: Yes, he said: The scholars, some scholars said like this and some scholars said like this, and there is no objection, and he was silent!
The Shaykh : ... .
The questioner: I mean, he asked him four questions and all of them came out smoothed over in the end!!
Another questioner: From here... .
The questioner: Smoothed over, I mean, four questions related to sales, may Allah reward you with good... you clarify them; I said: May Allah reward the Shaykh with good, I mean, in this and other matters; I mean, on... .
The Shaykh: I liked one we heard on the radio.
The questioner : Yes.
The Shaykh : In the car.
The questioner : Yes.
The Shaykh: Where is it, here in Jordan, O preacher?
Another questioner: Yes, my Shaykh.
The Shaykh: What is its name?
The questioner: By Allah, I am a question and answer, it seems like this, I do not know, I mean, if.
The Shaykh: Like one, Shaykh, they call him Abd al-Fattah, a question came to him about student stocks in the school.
The questioner : Yes.
The Shaykh: It is known to you.
The questioner: Yes, it is known.
The Shaykh: Yes, so one is asking whether this is permissible or not? It appears the questioner is not pleased with the issue of riba (usury or interest) that we warn against... always; so he answered with a completely logical and Sharia-based answer; that in terms of being stocks, it is a partnership, there is nothing wrong with it, and in the school they collect money and buy goods, and sell them and make a profit, then each one takes his share of the profit according to what? The stocks, yes, if these stocks are placed in the bank, this is not permissible; because there is riba (usury or interest) there.
The questioner : Yes.
The Shaykh: It is very rare to hear such a statement on the radio!
The questioner: Ah, by Allah, it is true.
The Shaykh: So I thanked him in my heart, I mean.
The questioner : ... .
The Shaykh : Yes.
The questioner: On the program... with the senior members of the Council of Scholars, that is.
Another questioner: Yes.
The questioner: And the imam of "Turki Mosque" in Riyadh.
Another questioner: Yes.
The questioner: So they said to him: We want to ask questions related to sales, so they asked him about stocks, my Shaykh.
The Shaykh: Yes.
The questioner: So what did he say? He said: There is no objection to buying stocks and dealing in them, provided the companies do not deal with riba (usury or interest).
The Shaykh: All right.
The questioner: I said: May Allah preserve our Shaykh, when this Shaykh is asked this same question, he says: Which company does not deal with riba? For all companies deal with riba, and their banks deal with riba; so it means all stocks revert to the banks; so this is not permissible to buy, so when he stretched this out like this, the people, I mean.
The Shaykh: Likewise, they are sent, they want to smooth things over!
The questioner: Yes... I mean, he is deliberate about this, I mean, the manager, he was asked about buying cars from companies and extending the term, he said: There is nothing wrong with it, it is an ijtihad (independent legal reasoning) of so many riyals.
The Shaykh :
But Allah has permitted trade and has forbidden interest
وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَاThe questioner: Yes, and it went its way!!
Did he ask him about tawarruq (a commodity sale used to obtain cash), my Shaykh?
The Shaykh : Yes.
The questioner: By Allah, when I asked him the question, I said: Now he is going to smooth it over for him.
The Shaykh: He will tell you: Like this and like this.
The questioner: Yes, he said: The scholars, some scholars said like this and some scholars said like this, and there is no objection, and he was silent!
The Shaykh : ... .
The questioner: I mean, he asked him four questions and all of them came out smoothed over in the end!!
Another questioner: From here... .
The questioner: Smoothed over, I mean, four questions related to sales, may Allah reward you with good... you clarify them; I said: May Allah reward the Shaykh with good, I mean, in this and other matters; I mean, on... .
The Shaykh: I liked one we heard on the radio.
The questioner : Yes.
The Shaykh : In the car.
The questioner : Yes.
The Shaykh: Where is it, here in Jordan, O preacher?
Another questioner: Yes, my Shaykh.
The Shaykh: What is its name?
The questioner: By Allah, I am a question and answer, it seems like this, I do not know, I mean, if.
The Shaykh: Like one, Shaykh, they call him Abd al-Fattah, a question came to him about student stocks in the school.
The questioner : Yes.
The Shaykh: It is known to you.
The questioner: Yes, it is known.
The Shaykh: Yes, so one is asking whether this is permissible or not? It appears the questioner is not pleased with the issue of riba (usury or interest) that we warn against... always; so he answered with a completely logical and Sharia-based answer; that in terms of being stocks, it is a partnership, there is nothing wrong with it, and in the school they collect money and buy goods, and sell them and make a profit, then each one takes his share of the profit according to what? The stocks, yes, if these stocks are placed in the bank, this is not permissible; because there is riba (usury or interest) there.
The questioner : Yes.
The Shaykh: It is very rare to hear such a statement on the radio!
The questioner: Ah, by Allah, it is true.
The Shaykh: So I thanked him in my heart, I mean.
The questioner : ... .
Source
www.al-albany.com
The Arabic text is copied verbatim from the original source, without any edits.