What is the ruling on selling haram insurance shares (Alinma Tokio Marine Company) at a loss, then buying mixed shares with the same amount, and what should I do now?
You have done well by repenting to Allah, the Almighty, from unlawful dealings. Indeed, many scholars and jurisprudential councils deem shares of mixed companies impermissible. Some, however, permit investing in them under specific conditions, including purifying the unlawful portion of the accrued profits. If you have earned a profit, you should extract the unlawful percentage from it and spend it on the welfare of Muslims or give it to the poor. If you find non-mixed companies, you should withdraw your money from the mixed shares and invest it in shares of completely lawful, non-mixed companies, because dealing in the shares of those [mixed] companies is permissible only out of necessity. Therefore, if you find joint-stock companies that avoid riba (usury) and meet the need, you should limit yourself to them instead of others that do not adhere to this.
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/117755
- Source platform
- Ftawy
- Original fatwa ID
- 117755
- Imported
- Translation status
- Source text, unreviewed
- Read the full ruling
- Read the full answer on Ftawy