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Her Father Gave Her Shares In A Riba- Based Bank; What Should She Do With Them?

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Rufai Oladimeji
, Nigeria.
Question

My father gave me 50 shares in the
Bank of Riyadh. I know that the
Bank of Riyadh is one of the riba-
based banks. My father was one of
the shareholders, and he put shares
in my name since I was a child.
Now I have grown up, and he has
given them to me. What should I do
with these shares? Is it permissible
for me to sell them and invest the
money in shares in “clean”
companies, and benefit from any
money made from that
mudaarabah, or should I give it in
charity?

Answer

Praise be to Allah.
It is not permissible to buy shares in
riba-based banks. Anyone who has
done such a thing must repent to
Allah, may He be exalted, and take
his capital, then get rid of the
remaining money by spending it in
the public interests of the Muslims
or on charitable causes.
Because these shares are haraam,
the basic principle is that it is not
permissible for you to sell them to
anyone. Rather the way to get rid of
them is to return them to the bank.
If that is not possible, it is
permissible for you to sell them and
take the capital that was invested in
them, then to get rid of the rest in
the ways referred to above.
The scholars of the Permanent
Committee for Iftaa’ were asked: I
had shares in a company, and this
company went bankrupt 25 years
ago. There were some trustees in
charge of the company, who used
the remaining funds to buy shares
in the Bank of Riyadh 25 years ago,
at the cost of 1000 riyals for a
single share. Now the price of a
single share is 30,000. I need this
money; is it permissible for me to
take the current price of the share?
Please note that their purchase of
shares in the Bank of Riyadh was
done without our knowledge all this
time.
They replied: Take the entire
amount, principal and interest, then
keep the principle because it
belongs to you, and give the
interest in charity, because it is
riba. Allah will make you
independent of means by His grace
and will compensate you with
something better than that, and He
will help you to meet your needs.
Whoever fears Allah - He will make
for him a way out and will provide
for him from where he does not
expect, and whoever puts his trust
in Allah, Allah will suffice him.
And Allah is the source of strength.
May Allah send blessings and peace
upon Prophet Muhammad and upon
his family and companions. End
quote.

‘Abd al-‘Azeez ibn ‘Abdillah ibn Baaz,
‘Abd ar-Razzaaq ‘Afeefi, ‘Abdullah
ibn Ghadyaan, ‘Abdullah ibn Qa‘ood.
Fataawa al-Lajnah ad-Daa’imah
(13/506).
They were also asked (13/508):
What is the ruling on buying shares
in companies and banks? Is it
permissible for someone who has
shares in a company or bank to sell
his shares to a company that deals
in buying and selling shares, when it
is possible to sell them for more
than the value for which he bought
them? What is the ruling on the
interest that the shareholder
receives every year on the value of
his shares?
They replied: buying shares in banks
and companies that deal with riba is
not permissible. If the shareholder
wants to get rid of his riba-based
shares, he may sell them at the
current market value, then take his
original capital only; the rest should
be spent on charitable causes. It is
not permissible for him to take any
of the interest on his shares or
their riba-based profits. But if the
shares are in a company that does
not deal with riba, then with any
profits on the shares are
permissible. End quote.
Do not regret the loss of this
wealth, because it is haraam wealth
in which there is nothing good for
you, and there is the hope that
Allah will compensate you with
something better than it, as it was
narrated in a sound report from the
Prophet (blessings and peace of
Allah be upon him) that whoever
gives up something for the sake of
Allah, Allah will compensate him
with something better than it.
May Allah help us and you to do
that which He loves and is pleased
with.
And Allah knows best.

islamqa.info/en/answers/84136/her-father-gave-her-shares-in-a-riba-based-bank-what-should-she-do-with-them

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