Holding shares in a bank
Question
My employer had gifted me shares as part of a BEE structure. eg 1000.
I was not asked to pay anything and the shares were free as a gift.
The company gave me the shares at a price (say R50) and at vesting date (10 yrs later) the share price is (R100), The difference is for my personal benefit, say (R50),
What is the ruling on such?
The company is a bank
Is zakaat calculated on the price at which it was issued or at current market prices?
How best to dispose of such
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Holding shares in a bank is impermissible.[1] The shares must be returned.
And Allah Ta’āla Knows Best
Hisham Dawood
Student Darul Iftaa
Chicago, USA
Checked and Approved by,
Mufti Ebrahim Desai.
References (Arabic / Urdu sources)
[1] An Introduction to Islamic Finance by Mufti Taqi Usmani pg.207
- Answered by
- Hisham Dawood
- Checked & approved by
- Mufti Ebrahim Desai
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