Q: 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 years 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?
A: Holding shares in a bank is impermissible. The shares must be returned.
And Allah Ta’āla knows best
Aadiel Moosagie (Mufti)
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www.councilofulama.co.za