Is it permissible to register and deal in the stock market through a usurious bank that acts as an intermediary?
What brokerage firms do in stock markets, in terms of brokerage and commission, is permissible, subject to certain conditions, including avoiding ignorance and (excessive uncertainty) in the remuneration, mediating in the purchase and sale of permissible things, and avoiding prohibited transactions. As for dealing with usurious banks in this brokerage, it is permissible, just as the Prophet, peace and blessings of Allah be upon him, used to deal with usurious Jews, provided that the shares purchased are in a company whose activity is permissible, and that the remuneration is known. It is better to avoid dealing with those whose wealth is mixed, in order to not strengthen the people of usury.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Ftawy
- Original fatwa ID
- 69099
- Added here
- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy