What is the ruling on subscribing to shares in telecommunications companies, real estate companies, and insurance companies, and is the profit from subscribing to shares in insurance companies considered permissible or impermissible?

It is permissible to subscribe to shares of companies that adhere to the controls of Sharia (definition) and do not deal in prohibited contracts. Anything other than that is not permissible. Accordingly, it is permissible to subscribe to the shares of Zain company because its activity is permissible and it does not deal in prohibited contracts, whereas it is not permissible to subscribe to the shares of Emaar Economic City company due to the presence of usurious interest in its establishment.

Repentance is obligatory for subscribing to prohibited companies, and it is obligatory to dispose of prohibited earnings by spending them on the welfare of Muslims. If the company's origin is permissible but it occasionally deals in prohibited matters, then the amount of the prohibited gain must be removed from the profit.

As for the ruling on partnering with a Saudi partner to purchase shares, if it is due to your inability to purchase in your own name, then the issue is known as "thaman al-jah" (price of influence/status). The preponderant opinion is the permissibility of taking a customary wage if the person with influence incurs expenses, effort, or travel. If the partnership is in the form of mudarabah (definition) (commenda contract - money from you and work from the partner), it is permissible if it adheres to the Sharia controls for mudarabah.