as salaamu alaiukm, i want to know about sub broker on share market business with PARSOLI CORPORATION LTD: 1.) parsoli is saying that we are doing on islamic principles ALLAH knows the best 2.) if costomer wants to buy non-shariah shares (exp:company’s like wines, banks, financial dealing’s) is it halal or haram. plz reply in details 3.) is intra day halal or haram jazakumullah khair
Answer
(Fatwa: 1432/1197=L/1429)
(1) We are unaware of this company. If you send the details of sub-broker’s work, then we can reply you, in-sha-Allah.
(2) It is unlawful to purchase and sell the shares of the companies involving in haram transactions.
(3) If one has the possession of the shares i.e. the seller takes it in his possession and becomes the sole owner of the benefit and loss, then it will be allowed to sell it after the possession. But if there is no possession, then it will be impermissible to sell it to others because of selling before possessing.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband