Is investment in stock markets like NASDAQ etc,halal in Islam.

A Muslim can acquire the shares of a joint stock company with the following%0D%0Aconditions:%0D%0A1. The main business of the company must be Halaal (permissible) according%0D%0Ato Shari%E1h. So, a Muslim cannot invest in a company whose main business is%0D%0AHaraam, like the traditional banks, insurance companies, companies dealing%0D%0Ain wines, etc.%0D%0A2. If the main business is Halaal, but it is involved in borrowing money on%0D%0AInterest or placing its funds in an Interest bearing account a Muslim%0D%0Ashare-holder should raise his voice against this practice in the annual%0D%0Ageneral meeting of the company.%0D%0A3. When a Muslim share-holder receives a dividend he must ascertain that%0D%0Aproportion of the profit of the company which has accrued on its%0D%0Ainterest-bearing accounts. Then a similar proportion from his own dividend%0D%0Amust be given by him to a person or persons entitled to receive Zakaat.%0D%0A4. If all the assets of a company are in a liquid form and the company has%0D%0Anot yet acquired any fixed assets or any stock for trade, then the sale and%0D%0Apurchase of shares must be on their par value only.%0D%0AIf anyone of these conditions is contravened, the investment in a company is%0D%0Anot permissible in the Shari'ah.%0D%0A%0D%0ANB. The above ruling has been issued by Justice Mufti Muhammad Taqi Usmani%0D%0Aof the Shariat Appellate Bench - Supreme Court of Pakistan. He is also the%0D%0ADeputy Chairman of the Islamic Fiqh Academy - Jeddah.%0D%0A%0D%0Aand Allah Ta'ala Knows Best%0D%0A%0D%0AMufti Ebrahim Desai%0D%0AFATWA DEPT.%0D%0A