What is the ruling on shares in SABIC Company? And how do I pay Zakat on them?
SABIC (Saudi Basic Industries Corporation) is a Saudi company operating in the petrochemical sector. If it is confirmed that the company deals with usury (riba), then it is impermissible to hold shares in it. If a shareholder already possesses shares, they must divest them. If unable to divest, they must dispose of the usurious profits by spending them on charitable causes. If the usurious profit cannot be distinguished, then half of the profits should be given in charity as a precautionary measure.
As for , the shares are to be valued at their market price upon the completion of a full lunar year (hawl). Legitimate profits (excluding usurious interest) are added to this value. If the total reaches the (the equivalent of 85 grams of pure gold), then one-quarter of one-tenth (2.5%) of the total amount is to be given as zakat. Any other funds belonging to the shareholder are also added to this total.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- 38768
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
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