Is it permissible to buy and sell subscription rights for shares in an Islamic bank?

This transaction is forbidden for two reasons:

1. The subscriber does not own a right that he is permitted to exchange. What he possesses is merely a permission to subscribe, not an ownership of a right.

2. This transaction involves deception and fraud, as the subscription is made in the name of a person who is not the real owner of the shares. This is what the Prophet, peace and blessings be upon him, forbade when he said: "Whoever cheats is not one of us."