Q: My employer had gifted me shares as part of a BEE structure. E.g. 1000 I was not asked to pay anything and the shares were free. The company gave me the shares at a price (say R50) and at vesting date 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?
A: The operation of conventional banks revolves mainly around usurious and haraam transactions. Hence to invest in such an institute is not permissible.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Ebrahim Salejee (Isipingo Beach)