Shares in a bank
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.