Contemporary Fiqh Ulama agree that the law to trade stocks in the stock market is unlawful if the company engaged in unlawful. With our trade stocks of companies engaged in the unlawful, then we helped disobedience. I'anah 'Ala Al-Ma'ashiy ma'shiyyatun (help on Sins are immoral acts).
However, there are also scholars absolutely forbid trade stocks (either of the companies engaged in illicit or not). Taqiyyudin An-Nabhani in An-Nizam al-Iqtishadi explained from the prohibition to trade stocks. He asserted that the Limited Liability Company (PT) is a form of Syirkah (Syirkah Musahamah) vanity, because contrary to the law Syirkah theshari'a. He also raised the question of consent qobul. He said that in PT there Ijab and Qobul as in Syirkah problem. The transaction, carried out unilaterally from investors who deposit their money primarily by buying shares of the company or others via the capital market without any discussion or negotiation of any kind from companies or other investors.
Slightly Introduction:
When the Muslims living in the shade of the Khilafah system, various muamalah they are always in balance sharia (halal-haram). Caliph Umar, for example, does not allow any trader to enter the market of the Muslims unless he has to understand the laws muamalah. The goal is nothing else that merchants that do not fall into the sin of usury. (As-Salus, Mausu'ah Al-Qadhaya al-fiqhiyah al-Mu'ashirah, p. 461).
But when the Khilafah was destroyed in 1924, conditions changed completely. Muslims increasingly mired in the economic system imposed infidel invaders, namely the capitalist system does not recognize halal-haram. This is because the root system of capitalism is secularism that exclude religion as a regulator of public life, including economic life. As a result, in the words of As-Salus, the Muslims ended up living in the economic system are far from Islam (ba'idan 'an al-Islam), such as the banking system and capital markets (burshah al-awraq al-Maliyah) (ibid., P . 464). This article aims to explain the facts and the law surrounding the stock and capital markets in the review of Islamic Jurisprudence.
What are the Capital Market Among them:
- Issuer: the Issuer is an entity (Limited Liability Company) is issuing stock to raise capital or to issue bonds in order to borrow from investors at the stock exchange.
- Intermediaries Emissions: includes three parties, namely:
- The underwriters: intermediary company which are to ensure the sale of emissions.
- Public Accountant: Party that has the function of checking the issuer's financial condition and giving opinion whether the financial statements that have been issued by the issuer are reasonable or not.
- Assessor Company: Company which functions to provide an assessment of the issuer, whether fair or not assets of the issuer.
- Implementing Agency Capital Markets: Charge and set the course of the capital markets, issuers write off of the trading floor and provide sanctions against those who violate the rules of capital markets.
- Stock Exchange: The capital market securities trading activities established a business entity.
- Intermediaries Securities Trading: Realtor and commissioners who are just passing through to the two institutions in Bursa effects may be transacted. Realtor is a brokerage company that purchases and sales of securities on behalf of others to obtain rewards. The commissioner is the parties buying and selling securities for its own account or others to get rewarded.
- Investor: Party who invest in the form of securities on the stock market by buying or selling the securities back.
So, the conclusion
Law stock purchase, there are two differences of opinion among Ulama. The first opinion says halal when to sell it from a company engaged in the field of halal. The two opinions to forbid all activities of buying and selling shares, in the absence of consent qobul in their transactions. Allaah knows best.
So a few reviews about the legal sale and purchase of shares, according to Islam, may be useful.
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