The PRIMARY OIC ruling on the STOCK MARKET — can a Muslim own shares, and what about options, futures, currency trading and index products?
The PRIMARY OIC ruling on the STOCK MARKET — can a Muslim own shares, and what about options, futures, currency trading and index products? International Islamic Fiqh Academy (OIC), Resolution No. 63 (1/7), titled 'Financial Markets (Shares, Options, Commodities, and Credit Cards)' in the Academy's official English edition (the IRTI/IDB edition prints it simply as 'Financial Markets'), adopted at the Academy's 7th session in Jeddah, Kingdom of Saudi Arabia, on 7–12 Dhū al-Qiʿdah 1412h (9–14 May 1992). This is the corpus's FIFTEENTH article anchored on a genuine PRIMARY OIC / IIFA resolution read verbatim, and its FIRST primary-source anchor on the EQUITY / STOCK-MARKET side — the single resolution a Muslim reaches for when asking 'can I buy shares, options, futures, forex, or an index product?' It complements the corpus's existing capital-markets cluster (Res 30 (5/4) muḍārabah / investment certificates, Res 60 (11/6) bonds, Res 101 (4/11) sale of debt) by covering the instruments those did not: ordinary company shares, options, exchange-traded commodities and currencies, and stock indices. The load-bearing lines settle the practical questions. On SHARES, verbatim (official edition), First 1(a): 'Since lawfulness is the primary judgment regarding transactions, creating a joint-stock company with permissible purposes and licit activities is also lawful' — so owning shares in a genuinely halal business is permitted; but 1(c) sets the DEFAULT for the mixed company: 'Prohibition is the primary judgment regarding participation in joint-stock companies that may sometimes engage in prohibited transactions such as Ribā-based transactions, even though their main activities may be lawful under Shariah.' On OPTIONS, Second: 'Since the object of the contract is neither a sum of money nor a utility or a financial right which may be waived, then the contract is not permissible, according to Shariah. Since these contracts are initially not permissible, neither is their trading.' On the standard FUTURES contract, Third (commodities, fourth mode): 'This type of contract is the most prevalent in the commodity markets and it is essentially not permissible by Shariah.' On an INDEX, Third: 'Sale and purchase of the index are not permissible since they are pure gambling and constitute the sale of something fictitious (non-existent).' It is HONEST about its own limits: the Academy expressly POSTPONED rulings on company guarantee of share repurchase (First 11), priority rights (14), property-right certificates (15), and the Shariah characterisation of credit cards (Fourth) — and it does NOT itself supply any numerical tolerance threshold for the mixed company, so no permissive screening ratio should be read into 1(c).
What this source says
This corpus already anchored the DEBT / fixed-income side of capital markets in the primary sources — Res 30 (5/4) on muḍārabah / investment certificates, Res 60 (11/6) on bonds, and Res 101 (4/11) on the sale of debt. What it lacked was the EQUITY side: the single most common practical question a Muslim investor asks — 'can I own shares, and what about options, futures, currency trading and index products?' Resolution No. 63 (1/7) is the OIC's primary-source answer. It was adopted by the International Islamic Fiqh Academy of the OIC at its 7th session in Jeddah, Saudi Arabia, over 7–12 Dhū al-Qiʿdah 1412h (9–14 May 1992). Like the Academy's other finance rulings it is collective ijtihad by the OIC's supra-madhab body of assembled senior scholars, which is why it can speak for the practice of the whole Muslim world rather than one school. Verbatim (official edition), the preamble: 'The Council of the International Islamic Fiqh Academy of the Organization of the Islamic Conference, holding its 7th session in Jeddah, Kingdom of Saudi Arabia, on 7–12 Dhū al-Qiʿdah 1412h (9–14 May 1992), Having examined the research papers submitted to the Academy concerning Financial Markets (Shares, Options, Commodities, Credit Cards), Having listened to the discussions on the subject, Resolves'. (IRTI renders the subject line 'Financial Markets, Shares, Options, Commodities, Credit Cards' and heads the whole ruling simply 'CONCERNING FINANCIAL MARKETS'.)
FIRST: SHARES. The resolution begins from the default rule of permissibility. Verbatim (official edition), 1(a): 'Since lawfulness is the primary judgment regarding transactions, creating a joint-stock company with permissible purposes and licit activities is also lawful.' (IRTI: 'Since the essential thing about transactions is their licit nature, the establishment of a joint stock company with unprohibited purposes and activities is permissible.') So a genuinely halal business, incorporated as a joint-stock company, may be owned through shares — this is the primary-source basis for permitting equity investing in principle. Two boundaries then follow. 1(b): 'There is no legal disagreement on the prohibition of participating in companies whose main purpose is haram, such as engaging in Ribā-based transactions, forbidden products, and trading them' — a conventional bank, a wine or gambling company, is out by consensus. And the load-bearing line for the ordinary listed company, 1(c) (verbatim, official): 'Prohibition is the primary judgment regarding participation in joint-stock companies that may sometimes engage in prohibited transactions such as Ribā-based transactions, even though their main activities may be lawful under Shariah.' (IRTI: 'The basic principle is the prohibition of participating in companies that deal at times in prohibited things such as Riba etc. even though their main activities are permissible.') Read that clause carefully, because it is the crux of the modern 'halal stocks' debate and it is easy to over-read in either direction. What Res 63 states directly is a DEFAULT: for a company whose main business is lawful but which nonetheless takes interest-based loans or earns some interest income (which describes most listed companies), the PRIMARY judgment is prohibition. What Res 63 does NOT do is supply a numerical tolerance threshold — it names no permissible percentage of interest income or interest-bearing debt. So this resolution should not be read as itself blessing any 'Shariah-compliant' screening ratio; it sets prohibition as the starting point and leaves the development of any tolerance framework to other work, which this entry does not import or assert.
Still under Shares, the resolution rules on the plumbing of an equity market — and several rulings are directly useful. 6 (official 'Premium Shares' / IRTI 'Preference shares'): 'It is not permissible to issue premium shares with financial priveleges that involve guaranteed payment of the capital or of a certain amount of profit or ensure precedence over other shares at the time of liquidation or distribution of dividends' — a share that guarantees your capital or a fixed dividend is not really equity risk-sharing, so it is out (procedural or administrative preferences are allowed). 7 (Trading Shares by Means of Ribā) shuts two common leveraged plays: 7(a), verbatim (official): 'It is not permissible to purchase a share with an interest-based loan offered to the purchaser by the broker or any other party against pawning of the share as this is involves a ribā (usury) transaction and its consolidation by mortgage, which are clearly forbidden by the ḥadīth “the eater, the agent, the clerk and the witness of Ribā shall be accursed.”' — that is the primary-source basis for ruling out buying shares on an interest-bearing MARGIN loan; and 7(b): 'It is also not permissible to sell a share that the seller does not possess but has received a pledge from the broker to be loaned the share at the time of delivery since such a deal falls within the framework of selling something that the seller does not own' — the basis for ruling out conventional SHORT SELLING (selling borrowed shares you do not own). By contrast, several ordinary features are expressly permitted: underwriting for a genuine fee for work done (2), paying for shares in instalments (3), bearer shares (4), a reasonable issuance fee (9), bonus and rights issues at real or market value (10), and regulating trading through licensed brokers with membership fees (13). And the resolution is scrupulously honest about what it did NOT settle: on company guarantee of share repurchase (11), priority right (14 / IRTI 'First Right') and the property-right certificate (15 / IRTI 'Title Deed'), verbatim (official): 'The Academy resolved to postpone the adoption of a resolution on this subject until a future session, pending further research and examination.'
SECOND: OPTIONS. This is a clean, directly-sourced prohibition. Verbatim (official edition): 'As currently applied in the global financial markets, options contracts are a new type of contracts that do not fall under any one of the Shariah nominate contracts. Since the object of the contract is neither a sum of money nor a utility or a financial right which may be waived, then the contract is not permissible, according to Shariah. Since these contracts are initially not permissible, neither is their trading.' (IRTI: 'Option contracts as currently applied in the world financial markets are a new type of contracts which do not come under any one of the Shari'a nominate contracts. Since the object of the contract is neither a sum of money nor a utility or a financial right which may be waived, then the contract is not permissible in Shari'a. As these contracts are primarily prohibited, their handling is also prohibited.') The reasoning is precise: a traded option sells the RIGHT to buy or sell at a set price, and that right — detached from any actual money, usufruct, or waivable claim — is not a valid object of sale; so both writing and trading exchange-traded options are ruled out.
THIRD: COMMODITIES, CURRENCIES, AND INDICES IN ORGANIZED MARKETS. Here the resolution sorts organised-market trades into four modes and the verdicts are the primary basis for how a Muslim treats spot trading versus futures. On COMMODITIES: the FIRST mode (immediate delivery and immediate payment, the goods held by the vendor) and the SECOND mode (immediate delivery and payment guaranteed by the market authority) are 'permissible in Shariah with the well-known conditions of sale' — ordinary spot trading is fine. The THIRD mode (both delivery and payment deferred, ending in actual delivery) 'is not permissible in Shariah because of the postponement of the two elements of the exchange' but 'may be amended to meet the well-known conditions of Salam sale; and if it does so, it shall become permissible.' The FOURTH mode is the standard exchange-traded FUTURES contract, and the verdict is the load-bearing one, verbatim (official): 'The contract stipulates delivering a described and secured merchandise at a future date, and the payment of its delivery price. The contract, however, does not stipulate that it shall end with the actual delivery and receipt of the merchandise, and thus it may be terminated by an opposite contract. This type of contract is the most prevalent in the commodity markets and it is essentially not permissible by Shariah.' (IRTI closes the same mode 'This type of contract is the most prevalent in the commodity markets. It is not at all permissible.') On CURRENCIES (verbatim, official): 'Purchase and sale of currencies are not permissible through the third and fourth modes. They are, however, permissible through the first and second modes provided they meet the well-known currency exchange conditions' — so speculative deferred/offset forex is out, spot exchange under sarf conditions is in. On an INDEX (verbatim, official): 'Sale and purchase of the index are not permissible since they are pure gambling and constitute the sale of something fictitious (non-existent).' (IRTI: '… for they are pure gambling and constitute the sale of something fictitious (something that does not exist).') An index is a statistic, not a good; buying or selling it is qimār on a number. The resolution then commits, constructively, to developing halal alternatives — organising Islamic commodity and currency markets on bay as-salam, sarf, wa'd bi al-bay and istisna — and calls for a comprehensive study of them.
FOURTH: CREDIT CARDS. The resolution DEFINES the credit card (an issuer's document letting the holder buy on the issuer's commitment to pay, some drawing cash, some charging usurious interest on unpaid balances, most charging an annual fee) and then, honestly, defers the ruling. Verbatim (official edition): 'After discussions, the Academy resolved to postpone issuing a resolution concerning the characterization of this type of cards and its ruling in Shariah to a forthcoming session, pending further research and studies.' (IRTI: 'After deliberations, the Council has decided to defer final consideration of this card's conformity to Shari'a and the ruling thereon to a future session pending further research and study.') The official edition's own editorial footnote points forward to a later resolution on the subject (its footnote to this section cites 'Resolution no. 96 (4/10)') — noted here only as the edition's cross-reference; the CONTENT of that later resolution is not asserted in this entry. So on credit cards specifically, Res 63 records a definition and a postponement, not a verdict.
From all of this the reader gets a concrete, supra-madhab checklist from the primary source itself for the whole 'can I invest on the stock market?' family. (1) OWNING SHARES in a genuinely halal business is permitted (First 1(a)); a company whose MAIN business is haram is out by consensus (1(b)); and the MIXED company — lawful main business but some interest dealing — carries prohibition as the DEFAULT judgment (1(c)), with Res 63 itself supplying no tolerance percentage. (2) A SHARE THAT GUARANTEES your capital or a fixed return is not permissible equity (6). (3) BUYING ON INTEREST-BEARING MARGIN and SHORT-SELLING borrowed shares are both out (7). (4) EXCHANGE-TRADED OPTIONS are not permissible, nor is trading them (Second). (5) SPOT commodity and currency trading with proper delivery/exchange is permitted (Third, first and second modes); the STANDARD FUTURES contract that is offset without delivery is 'essentially not permissible' (fourth mode); and speculative deferred/offset FOREX is out (Third 2). (6) BUYING OR SELLING AN INDEX is pure gambling and not permissible (Third 3). (7) CREDIT CARDS were defined and DEFERRED here, not ruled on (Fourth). Any 'Islamic' equities, futures or structured product must be judged on its own structure against these rulings, not assumed permitted because a market or a fund calls itself compliant.
Two honest limits belong on this entry. First, on SOURCES: this is one resolution confirmed across two genuinely different English translations — the Academy's own official English edition (October 2021), used here as the authoritative text, and the older IRTI/IDB printed edition (1985-2000). They agree on the resolution number, session, city, dates and every substantive ruling under First through Fourth; they differ in wording throughout ('permissible purposes and licit activities' vs 'unprohibited purposes and activities'; 'Premium Shares' vs 'Preference shares'; 'Priority Right'/'Property Right Certificate' vs 'First Right'/'Title Deed'; 'neither is their trading' vs 'their handling is also prohibited'; 'essentially not permissible by Shariah' vs 'not at all permissible'), which strengthens confidence in the substance. Two disclosed non-substantive differences: the closing invocation (official 'Indeed, Allāh is All-Knowing' vs IRTI 'Allah is Omniscient'), and an apparent typographical slip in the IRTI edition ('an apposite contract' where the official — correctly, as a term of art for closing a futures position — reads 'an opposite contract'), reported here rather than silently corrected. Both are English renderings, not the binding Arabic original. Second, on SCOPE: no madhab-by-madhab breakdown, no vote tally, no market or AUM figure, no hadith number (the resolution quotes the 'the eater, the agent, the clerk and the witness of Ribā shall be accursed' ḥadīth but assigns it no collection or number, so none is added here), and no claim about which specific fund, index, ETF or broker does or does not comply — the tests are given for the reader to apply, and no product is graded. The corpus's existing capital-markets entries (Res 30, Res 60, Res 101, and the general ṣukūk explainer) cover the debt and investment-certificate side; nothing from them is re-asserted here.
Wording inside quotation marks is quoted from the source. The rest is this notebook’s summary of it — read the original before relying on it.
Provenance
- Compiled from
- Compiled 2026-07-10 from TWO genuinely different English translations of the SAME primary resolution, cross-read: [1] the INTERNATIONAL ISLAMIC FIQH ACADEMY's own OFFICIAL ENGLISH EDITION, 'Resolutions and Recommendations of the International Islamic Fiqh Academy' (official edition, October 2021, published by the Academy at iifa-aifi.org), which prints the ruling as 'Resolution No. 63 (1/7) / Financial Markets / (Shares, Options, Commodities, and Credit Cards)', with the session line 'holding its 7th session in Jeddah, Kingdom of Saudi Arabia, on 7–12 Dhū al-Qiʿdah 1412h (9–14 May 1992)' and the full operative text (First: Shares 1–15; Second: Options; Third: Dealing in Commodities, Currencies, and Indices in Organized Markets; Fourth: Credit Cards) — extracted verbatim from the published PDF; and [2] the IRTI/IDB PRINTED EDITION 'Resolutions and Recommendations of the Council of the Islamic Fiqh Academy 1985-2000' (Islamic Research and Training Institute, Islamic Development Bank, Jeddah), which prints the same ruling as 'RESOLUTION N° 63/1/7 CONCERNING FINANCIAL MARKETS', same 7th session / Jeddah / 7–12 Dhul Qi'dah 1412 H (9–14 May 1992) and the same operative structure — extracted verbatim from the published PDF. THESE TWO ARE GENUINELY DIFFERENT TRANSLATIONS, not two printings of one rendering: the official section headings read 'First: Shares / Second: Options / Third: … / Fourth: Credit Cards' where IRTI reads 'First: SHARES / II - OPTION SALE / III - DEALING IN COMMODITIES, CURRENCIES AND INDICES … / IV - CREDIT CARDS'; the official item 1(a) reads 'creating a joint-stock company with permissible purposes and licit activities is also lawful' where IRTI reads 'the establishment of a joint stock company with unprohibited purposes and activities is permissible'; the official item 6 heads 'Premium Shares' where IRTI heads 'Preference shares'; the official items 14 and 15 read 'Priority Right' and 'Property Right Certificate' where IRTI reads 'First Right' and 'Title Deed'; the official Options ruling reads 'Since these contracts are initially not permissible, neither is their trading' where IRTI reads 'As these contracts are primarily prohibited, their handling is also prohibited'; the official commodities fourth mode reads 'it is essentially not permissible by Shariah' where IRTI reads 'It is not at all permissible.' TWO honestly-disclosed divergences that are NOT substantive-rule discrepancies: (1) the two editions CLOSE with different (both tahmid-style) invocations — the official edition ends 'Indeed, Allāh is All-Knowing', the IRTI printing ends 'Allah is Omniscient'; and (2) in the commodities fourth mode the official edition reads a futures position is closed 'by an opposite contract' (the correct term of art — an equal and offsetting reverse contract) while the IRTI printing reads 'by an apposite contract', an apparent typographical slip in the IRTI edition, flagged here and NOT silently corrected. Both editions run First–Fourth in the same order with the same substantive content. Both are English renderings, not the binding Arabic original.
- Source
- PRIMARY RULING (full title, session/city/dates, preamble subject-line and the full operative text — First: Shares 1–15; Second: Options; Third: Commodities/Currencies/Indices; Fourth: Credit Cards) from [1] the INTERNATIONAL ISLAMIC FIQH ACADEMY (OIC) OFFICIAL ENGLISH EDITION, 'Resolutions and Recommendations of the International Islamic Fiqh Academy' (official edition, October 2021), printing the ruling as 'Resolution No. 63 (1/7) / Financial Markets / (Shares, Options, Commodities, and Credit Cards)', 'holding its 7th session in Jeddah, Kingdom of Saudi Arabia, on 7–12 Dhū al-Qiʿdah 1412h (9–14 May 1992)' — extracted verbatim from the published PDF (https://iifa-aifi.org/wp-content/uploads/2021/12/Resolutions-Recommendations-of-the-IIFA-Official-Edition-Oct-2021.pdf), read 2026-07-10. CONFIRMING SECOND, GENUINELY DIFFERENT TRANSLATION from [2] the IRTI/IDB PRINTED EDITION, 'Resolutions and Recommendations of the Council of the Islamic Fiqh Academy 1985-2000' (Islamic Research and Training Institute, Islamic Development Bank, Jeddah), printing the same ruling as 'RESOLUTION N° 63/1/7 CONCERNING FINANCIAL MARKETS', same 7th session / Jeddah / 7–12 Dhul Qi'dah 1412 H (9–14 May 1992) and the same operative structure — extracted verbatim from the published PDF (https://zulkiflihasan.wordpress.com/wp-content/uploads/2009/12/majma-fiqh.pdf), read 2026-07-10. THE TWO ARE GENUINELY DIFFERENT TRANSLATIONS (section headings 'First/Second/Third/Fourth' vs 'First/II/III/IV'; item 1(a) 'permissible purposes and licit activities' vs 'unprohibited purposes and activities'; item 6 heading 'Premium Shares' vs 'Preference shares'; items 14–15 'Priority Right'/'Property Right Certificate' vs 'First Right'/'Title Deed'; Options 'Since these contracts are initially not permissible, neither is their trading' vs 'As these contracts are primarily prohibited, their handling is also prohibited'; commodities fourth mode 'it is essentially not permissible by Shariah' vs 'It is not at all permissible.'; indices '(non-existent)' vs '(something that does not exist)') — a strong pairing, since every substantive ruling under First–Fourth survives two independent renderings. TWO HONESTLY-DISCLOSED DIVERGENCES that are NOT substantive-rule discrepancies: (1) the two editions CLOSE with different tahmid-style invocations — the official edition ends 'Indeed, Allāh is All-Knowing' while the IRTI printing ends 'Allah is Omniscient'; and (2) in the commodities fourth mode the official edition reads a futures position may be 'terminated by an opposite contract' (the correct term of art) while the IRTI printing reads 'terminated by an apposite contract', an apparent typographical slip in IRTI — both reported, neither smoothed over; First–Fourth are otherwise identical in order and content. NO fabrication: no madhab-by-madhab tally, no vote count, no hadith number (the resolution quotes the 'the eater, the agent, the clerk and the witness of Ribā shall be accursed' ḥadīth but assigns it no collection/number, and none is added), no market/AUM/named-fund figure, no numerical share-screening tolerance ratio (Res 63 supplies none, and none is imported from any later body), and no product graded (no claim about which specific fund/index/ETF/broker complies). The official edition's own editorial footnotes cross-reference Res 77 (8/8), Res 87 (4/9) at the shares section and Res 96 (4/10) at the credit-cards section; these are noted only as that edition's cross-references and their CONTENT is not asserted here. Nothing from the corpus's existing capital-markets entries (Res 30, Res 60, Res 101, ṣukūk explainer) is re-asserted here. Both editions are English renderings, not the binding Arabic original.
- School / basis
- Cross-madhab / collective-ijtihad (the International Islamic Fiqh Academy of the OIC is a supra-madhab body of assembled senior scholars; its resolutions represent collective ijtihad rather than a single school's position). Resolution No. 63 (1/7), 7th session, Jeddah, Kingdom of Saudi Arabia, 7–12 Dhū al-Qiʿdah 1412h (9–14 May 1992). Operative content, verbatim from the Academy's official English edition (Oct 2021). FIRST: SHARES — 1(a) default permissibility: 'Since lawfulness is the primary judgment regarding transactions, creating a joint-stock company with permissible purposes and licit activities is also lawful.' 1(b): 'There is no legal disagreement on the prohibition of participating in companies whose main purpose is haram, such as engaging in Ribā-based transactions, forbidden products, and trading them.' 1(c) the mixed-company default: 'Prohibition is the primary judgment regarding participation in joint-stock companies that may sometimes engage in prohibited transactions such as Ribā-based transactions, even though their main activities may be lawful under Shariah.' 6 (premium/preference shares): 'It is not permissible to issue premium shares with financial priveleges that involve guaranteed payment of the capital or of a certain amount of profit or ensure precedence over other shares at the time of liquidation or distribution of dividends.' 7(a) (interest margin): 'It is not permissible to purchase a share with an interest-based loan offered to the purchaser by the broker or any other party against pawning of the share … forbidden by the ḥadīth “the eater, the agent, the clerk and the witness of Ribā shall be accursed.”' 7(b) (short-selling): 'It is also not permissible to sell a share that the seller does not possess … since such a deal falls within the framework of selling something that the seller does not own.' 11/14/15 postponed: 'The Academy resolved to postpone the adoption of a resolution on this subject until a future session, pending further research and examination.' SECOND: OPTIONS (not permissible): 'Since the object of the contract is neither a sum of money nor a utility or a financial right which may be waived, then the contract is not permissible, according to Shariah. Since these contracts are initially not permissible, neither is their trading.' THIRD: COMMODITIES/CURRENCIES/INDICES — first and second (spot) modes 'permissible in Shariah with the well-known conditions of sale'; third mode not permissible but amendable to Salam; fourth mode (standard futures, offset without delivery): 'This type of contract is the most prevalent in the commodity markets and it is essentially not permissible by Shariah.' Currencies: 'Purchase and sale of currencies are not permissible through the third and fourth modes. They are, however, permissible through the first and second modes provided they meet the well-known currency exchange conditions.' Indices: 'Sale and purchase of the index are not permissible since they are pure gambling and constitute the sale of something fictitious (non-existent).' FOURTH: CREDIT CARDS (defined, then postponed): 'After discussions, the Academy resolved to postpone issuing a resolution concerning the characterization of this type of cards and its ruling in Shariah to a forthcoming session, pending further research and studies.' Close (official): 'Indeed, Allāh is All-Knowing.' The IRTI/IDB edition confirms the same rulings in a genuinely different translation ('unprohibited purposes' for 'permissible purposes'; 'Preference shares' for 'Premium Shares'; 'First Right'/'Title Deed' for 'Priority Right'/'Property Right Certificate'; 'their handling is also prohibited' for 'neither is their trading'; 'not at all permissible' for 'essentially not permissible by Shariah'), with TWO disclosed non-rule differences: it CLOSES 'Allah is Omniscient' (vs 'Indeed, Allāh is All-Knowing'), and it prints the futures-mode term as 'an apposite contract' — an apparent typo where the official correctly reads 'an opposite contract'. Load-bearing for THIS site as the PRIMARY OIC anchor on the EQUITY / STOCK-MARKET side (share ownership permitted for halal businesses; mixed-company default is prohibition with no tolerance ratio supplied here; premium/guaranteed shares, interest margin and short-selling out; options, standard futures, speculative forex and index trading out; spot commodity/currency trading in; credit cards deferred), giving primary-source backing to the site's halal-investing and exit-planning guidance and completing the capital-markets cluster (Res 30 investment certificates + Res 60 bonds + Res 101 sale of debt). Presented faithfully to scope: no madhab tally, no vote count, no hadith number, no market/AUM figure, and no product graded. Both editions are English translations, not the binding Arabic original.
- Captured
- 2026-07-10
- Added
- 2026-07-10
- Trust
- Primary or near-primary source with a stable public URL.
Compiler’s note
The corpus's FIFTEENTH article anchored on a genuine PRIMARY OIC / International Islamic Fiqh Academy resolution read verbatim, and its FIRST primary-source anchor on the EQUITY / STOCK-MARKET side — the instruments the existing capital-markets cluster (Res 30 investment certificates, Res 60 bonds, Res 101 sale of debt) did not cover: ordinary company shares, options, exchange-traded commodities and currencies, and stock indices. WHY THIS ONE: the corpus had NO primary-source answer to the single most common practical investing question ('can I own shares? what about options/futures/forex/an index?'), and Res 63 (1/7) is the OIC's direct ruling on exactly that. Grep-confirmed DISTINCT: no existing article carried a dedicated verbatim entry for 'Resolution No. 63' / '63 (1/7)'. Verified in BOTH primary editions (present in each because it is a 1992 / 7th-session resolution, within the IRTI 1985-2000 edition's range). GEM #1 (shares): First 1(a) permits owning a genuinely halal joint-stock company; 1(b) rules out companies whose MAIN business is haram by consensus; and 1(c) sets PROHIBITION as the DEFAULT judgment for the MIXED company (lawful main business but some interest dealing) — DIRECTLY sourced. Presented with the honest caveat that Res 63 itself supplies NO numerical tolerance ratio, so no permissive screening percentage is read into it (no AAOIFI or other later standard imported). GEM #2 (leverage/short): 7(a) rules out buying shares on an interest-bearing margin loan and 7(b) rules out selling borrowed shares one does not own (short-selling) — both directly sourced. GEM #3 (derivatives): Second rules exchange-traded OPTIONS not permissible (object is neither money, usufruct, nor a waivable right) and neither is their trading; Third's fourth mode rules the standard offset-without-delivery FUTURES contract 'essentially not permissible'; Third 2 rules speculative deferred/offset FOREX out (spot sarf in); Third 3 rules buying/selling an INDEX 'pure gambling'. GEM #4 (honesty as a feature): the Academy expressly POSTPONED rulings on share-repurchase guarantees (11), priority rights (14), property-right certificates (15) and the Shariah characterisation of CREDIT CARDS (Fourth) — so the entry is explicit that on credit cards specifically Res 63 gives a definition and a deferral, not a verdict. TWO GENUINELY DIFFERENT English translations of the SAME resolution cross-read — the GOLD-STANDARD pairing (same standard as Res 30/51/60/64/65/85/101/110): [1] the Academy's OWN OFFICIAL ENGLISH EDITION (Oct 2021 PDF), used as authoritative text, and [2] the older IRTI/IDB printed edition (1985-2000), both carrying this 1992 resolution in full so the pairing is reproducible; the translations differ throughout ('permissible purposes and licit activities' vs 'unprohibited purposes and activities'; 'Premium Shares' vs 'Preference shares'; 'Priority Right'/'Property Right Certificate' vs 'First Right'/'Title Deed'; 'neither is their trading' vs 'their handling is also prohibited'; 'essentially not permissible by Shariah' vs 'not at all permissible'), so the substance survives two independent renderings. HONESTY NOTE: this pairing has TWO genuine but NON-RULE divergences — the CLOSING invocation differs (official 'Indeed, Allāh is All-Knowing' vs IRTI 'Allah is Omniscient'), and the IRTI edition prints the futures-mode term as 'an apposite contract' where the official correctly reads 'an opposite contract' (an equal and offsetting reverse contract that closes a futures position); both disclosed, neither silently corrected — the no-fabrication discipline applied to real, minor differences. Every verbatim quote machine-verified against both source PDFs (whitespace/line-wrap aware, e.g. the wrapped official fourth-mode line collapsed and confirmed). TRUST 'high' (numbered/dated PRIMARY OIC resolution verified verbatim in the Academy's own official English edition and re-confirmed in a second independently-worded printed edition; sole caveat = both are English translations, not the binding Arabic original). DELIBERATELY DROPPED per no-fab: (a) any madhab-by-madhab breakdown or vote tally; (b) any hadith number (the resolution quotes the 'eater/agent/clerk/witness of Riba accursed' ḥadīth but gives no collection/number); (c) any market/AUM/named-fund figure or named product; (d) any share-screening TOLERANCE RATIO or numerical threshold (Res 63 provides none; none imported from later standards); (e) any claim about which specific AU/UK/CA/US fund/index/ETF/broker complies (tests given for the reader; no product graded); (f) the CONTENT of the official edition's cross-referenced Res 77 (8/8), Res 87 (4/9), Res 96 (4/10) — noted only as that edition's editorial footnotes. FRESHNESS-HONEST: a 1992 resolution — nothing time-sensitive; its date is stated explicitly, and the share/option/futures/forex/index rulings it fixes are still the live foundation for how a Muslim treats stock-market investing. JSON-only per the established article convention (content/articles/*.json feed app/lib/corpus.ts via readdirSync + the /corpus stats badge + Phase-2 retrieval; NOT rendered as individual routed cards), so no SourceCard/route/href added and internal-link integrity is unaffected. Articles 78->79. PUNCH-LIST FULLY TICKED; build/lint re-confirmed green after this entry. NEXT candidate: Res 53 (4/6) 'Possession (qabd): its modern forms and their rules' (6th session, 1990 — in BOTH editions; the primary anchor for constructive possession under commodity-murabaha / tawarruq) or Res 66 (4/7) 'Bay al-Wafa' (7th session, in both editions), each a ready in-both-editions lead; the post-2000 leads Res 137 (3/15) Ṣukūk al-Ijārah and Res 158 (7/17) Sale of Debts still await a genuinely-different second source beyond the official edition (the IRTI 1985-2000 edition stops before their sessions).
Topics
islamic-financeribaprohibition-of-ribahalal-investingstock-marketsharesequitiesequity-investingjoint-stock-companyshare-screeningmixed-companiesharam-screeningmargin-loanshort-sellingpreference-sharespremium-sharesunderwritingoptionsoptions-contractderivativesfuturescommodity-futuresforward-contractsalamcurrency-tradingforexsarfindex-tradingstock-indexgharargamblingqimarmaysircredit-cardsorganized-marketsfinancial-marketscapital-marketsresolution-63resolution-30resolution-60resolution-101oicorganisation-of-islamic-cooperationinternational-islamic-fiqh-academyiifafiqh-academyprimary-sourcecollective-ijtihadshariah-rulingjeddah-1992postponed-ruling
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