What is the ruling on selling shares of companies that have not yet begun their commercial operations for a price higher than their initial price if the company possesses assets (such as an existing building under construction) or has entered into commercial contracts?

What His Eminence Sheikh Qaradawi issued concerning the impermissibility of selling company shares for more than their original price, if the companies have not yet started their commercial activities, is correct. The meaning of not having started commercial activity is that the company has not engaged in any commercial activity such as buying real estate or buildings, or conducting commercial deals, and so forth. However, if it has engaged in commercial activity by buying buildings or real estate or conducting deals, then it is permissible to sell its shares for more than their original price. The reason for the distinction between the two scenarios is that company shares, before the commencement of activity, are considered monetary assets, and therefore, it is impermissible to sell them for a higher value of the same kind, as that would constitute usury (riba). However, after commencing its commercial activity, the company will have acquired real estate, movable assets, or fixed assets, which represent an increase in the value of the company's shares compared to before it started its activity. Hence, it is permissible to sell these shares for more than their original price.