10. Bargain of Stocks from the viewpoint of Islamic Sharia

Abstract

With a glance to the origin of appearance of stocks, propagation of their transaction & the existence of illegal attributes in their offer & dealing, there have been specified three juridical viewpoints in contemporary Islamic jurisprudence. The unknown about these views is their practical outcome over public economy. The question is that which one of pointed viewpoints can mirror Islamic jurisprudence & can cause betterment of status of public economy? Although there has been no burse of stocks in Afghanistan yet, but joint stock partnerships are undeniable. From the other side, the collecting of sporadic capitals facilitates big investments & has sufficient effects on economic & social situation of the country. So study regarding the juridical attribute of bargain of stocks seems worthwhile. This fundamental article, prepared descriptively-analytically using library routine, means to evaluate Islamic legal views around juridical modality of bargain of stocks and specify the viewpoint which is more according to the texts of Sharia & can insure the interests of Islamic society. The discoveries of article shows that absolute prohibition of transaction of shares disagrees the destinations of Sharia & the generality of its texts & causes the solidity & stagnation of capitals. As well as the unlimited permission of transaction of stocks has no place in Islamic jurisprudence; because it opposes the explicit texts of Sharia & causes the lack of economic balance in the society. However the establishing of join stock partnership & transaction of shares is not opposite to Sharia, in case it is permissible in its essence & quality from the view point of Sharia.