Fatwa #809211 March 2003Pakistan
Shares obtained from banks...I cashed my free shares a while ago, however I am not sure whether this money is hallal or not, if not then what can I do with it?
Question
Some time ago, a building society that I used to save money changed to a Bank. On doing so the bank gave its customers who had a certain amount of money saved in the bank a set number of free shares regardless of how much money above the threshold they had saved. I cashed my free shares a while ago, however I am not sure whether this money is hallal or not, if not then what can I do with it?
Answer
There is a strong possibility that the free shares offered by the Bank is from interest monies.
In view of that possibility, the proceeds from the sales of the free shares should be given in Sadaqah (charity) to the poor and needy.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
In view of that possibility, the proceeds from the sales of the free shares should be given in Sadaqah (charity) to the poor and needy.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai