Buying Shares
In the name of Allah, the most Beneficent, the most Merciful.
Answer
There is a difference of opinion amongst the scholars with respect to whether buying or selling shares are permissible. Hazrat Mufti Taqi Usmani (DB) has given permission on buying and selling shares on the basis of the following:
- The company in its original form is not involved in unlawful trading i.e. it is not a bank, insurance or an alcohol company.
- The company’s assets should, not be in liquid form (not in the form of cash) but have acquired some fixed assets as well.
- A voice should be raised (protest) against the dealings of interest despite it being rejected.
- When the profits are distributed out then whatever percent has been received from interest should be given out as sadqah. (Fiqhi Maqalaat p.151 v.1 & Jadeed Fiqhi Masaail p.390 v.1)
With regards to your question, as HSBC is a bank and deal in interest it will not be permissible for uou to buy shares in that company.
Only Allah Knows Best
Mohammed Tosir Miah
Darul Ifta Birmingham
