Hannun jari na irin wannan kamfani takardun kuɗi ne da ke wakiltar darajar kamfanin a lokacin da aka tantance shi, ba jarin kamfanin a lokacin da aka kafa shi ba. Hannun jari wani yanki ne wanda ba a iya raba shi ba daga tsarin kamfanin, kuma ba wani ɓangare ne na jarinsa ba. Takarda ce ta tsaro da ke wakiltar darajar kadarorin kamfanin. Darajar hannun jari ba ta tsayawa a kan wani adadi ba, tana iya canzawa bisa ga ribar kamfanin ko asararsa. Ba ta tsayawa iri ɗaya a kowace shekara ba, tana iya sauyawa. Don haka hannayen jari ba sa wakiltar kuɗin da aka biya a lokacin kafa kamfanin, sai dai jarin kamfanin a lokacin sayarwa a wani lokaci na musamman. Kamar takardar kuɗi ko kuɗin banki ce, darajarta tana faɗuwa idan kasuwa ta yi ƙasa, kuma tana tashi idan kasuwar hannayen jari ta tashi. Ta haka hannun jari yana daina zama jari bayan kamfanin ya fara aiki; a maimakon haka, ya zama takardar kuɗi mai wata daraja da aka ƙayyade.

The shares of this type of company are currency notes which represent the value of the company at the time of its evaluation not the capital of the company at the time of its establishment. The share is an indivisible part of the entity of the company and it is not a part of its capital. It is a form of security paper representing the value of the company’s assets. The value of the shares is not fixed and can change according to the profits or losses of the company. It is not fixed for all years but can change. The share stocks do not therefore represent the capital paid at the time of the establishment of the company but the capital of the company at the time of selling at a certain time. It is like the currency paper or bank note whose value falls when the market declines and rises when the share market rises. The share thus ceases to be capital after the company starts its work; rather it becomes a currency note which has a certain value.

Hukuncin Shari'a game da takardun kuɗi dole ne a bincika shi. Idan takardun tsaro ne waɗanda suka ƙunshi adadin kuɗi halal, kamar takardun kuɗi da aka tabbatar da su da adadin zinariya ko azurfa daidai da su ko makamancin haka, to sayarwa ko saye da su halal ne, saboda dukiyar da suka ƙunsa halal ce. Amma idan takardun tsaro ne da ke wakiltar adadin dukiya haram, kamar takardun bashi wanda aka saka dukiyar a cikinsu ta hanyar riba, ko hannayen jari na banki da makamantansu, to cinikinsu haram ne, saboda dukiyar da suke wakilta haram ce. Hannayen jarin kamfanonin hannayen jari takardun tsaro ne da ke ƙunshe da adadin kuɗi haɗaɗɗe na jari halal da riba haram ta hanyar kwangila da mu'amaloli da Shari'a ta ɗauka bâtil, ba tare da bambanci tsakanin dukiyar asali da riba ba. Kowace takardar tsaro tana wakiltar darajar wani hannun jari daga kadarorin kamfanin bâtil. Waɗannan kadarori an samo su ne ta hanyar mu'amala bâtil wadda Shari'a ta haramta, saboda haka wannan dukiya haram ce. Hannayen jari na kamfanin hannayen jari don haka sun ƙunshi adadin dukiya haram. Sakamakon haka, waɗannan takardun kuɗi da suke hannayen jari, dukiya ce haram, kuma haramun ne a sayar da su, a saya su, ko a yi mu'amala da su.

The divine law (Hukm Shar’i) with regard to currency notes must be examined. If they are security notes which include sums of Halal money like the currency notes which are backed by an equivalent amount of gold or silver or the like, then buying or selling them is allowed (Halal) because the property they include is Halal. However, if they were security notes that represent sums of Haram property like bonds of debt in which the property is invested by usury, or bank stocks and the like, then their trade is prohibited (Haram) as the property they represent is Haram. The shares of the stock companies are security notes which include mixed sums of Halal capital and Haram profit through a contract and transactions which are considered invalid in Shar’a, without any distinction between the original property and the profit. Each security note represents the value of a share from the assets of the invalid company. These assets have been earned by an invalid transaction forbidden by Shar’a, so this property is Haram. The stocks of the share stock company, thus, include sums of Haram property. Consequently these currency notes which are shares, are Haram property, and are forbidden to be sold, purchased or dealt in.

Wannan tattaunawar ta tayar da tambayoyi game da Musulmi da suke sayen hannun jari na waɗannan kamfanoni, ko suke shiga cikin kafa su, ko kuma suke riƙe hannun jari saboda rajistarsu a irin waɗannan kamfanoni. Shin aikinsu haram ne, koda yake ba su san hukuncin shari'a (Hukm Shar'i) ba a lokacin da suka shiga cikin waɗannan kamfanoni? Ko kuwa idan wasu malamai, waɗanda ba su fahimci gaskiyar kamfanin hannun jari ba, sun ba su fatawa (ta izini) game da su, shin waɗannan hannayen jari da suke mallaka halal ne, koda yake an samo su ta hanyar ciniki maras inganci a shari'a? Ko kuma haram ne, don haka ba su mallake su bisa doka ba? Kuma shin an yarda su sayar da waɗannan hannayen jari ga wasu mutane ko a'a?

The above discussion raises questions about the Muslims who buy shares of these companies, associate in establishing them, or hold shares due to their subscription in such companies. Was their action Haram, even though they were ignorant of the divine law (Hukm Shar’i) at the time of their subscription into these companies? Or if some scholars, who did not understand the reality of the share stock company, gave them a fatwa (of permission) with regards to them, are these stocks and shares which are owned by them Halal properties, even though they were earned by a void transaction in Shar’a? Or are they Haram, and accordingly not legally owned by them? And are they allowed to sell these shares to other people or not?

Jahilci game da hukuncin Shari'a ba uzuri ba ne, domin wajibi ne ga kowane Musulmi ya koyi abin da yake bukata a rayuwarsa na hukunce-hukuncen Shari'a (Ahkamu Shari'ah), don ya aikata dukkan ayyukansa bisa ga Shari'a. Idan hukuncin yana daga cikin hukunce-hukuncen da yawanci ba sa sanuwa ga irin wadannan mutane, to ba a zarge shi a kan wannan aikin ba, kuma aikin nasa zai zama ingantacce a gare shi, ko da yake ba shi da inganci a Shari'a. Wannan saboda abin da Muslim da An-Nasa'i suka ruwaito daga 'Ata' dan Yasar, cewa: "Manzon Allah ﷺ ya ji Mu'awiya dan Al-Hakam yana yi wa wanda ya yi atishawa addu'a a lokacin da yake cikin sallah. Bayan sun gama sallar, Manzon Allah ﷺ ya koya masa cewa magana a cikin sallah tana ɓata ta, kuma yi wa mai atishawa addu'a yana ɓata sallar, amma bai umarce shi ya sake yin sallar ba." Wannan shi ne ma'anar abin da Muslim da An-Nasa'i suka ruwaito daga 'Ata' dan Yasar. Hakan ya faru ne saboda hukuncin (rashin magana a cikin sallah) yawanci ba ya sanuwa ga irin wannan mutum, shi ya sa Manzon Allah ﷺ ya yi masa uzuri ya kuma dauki sallarsa a matsayin ingantacciya. Haramcin kamfanonin hannun jari a fahimtar Shari'a yana daga cikin hukunce-hukuncen da irinsu ba sa sanuwa ga Musulmai da yawa, don haka jahilcinsu za a iya yi musu uzuri a kansa. Aikin wadanda suka shiga cikinsu ana daukarsa a matsayin ingantacce, ko da yake kamfanonin ba su da inganci, kamar sallar Mu'awiya dan al-Hakam wacce ake ganin ingantacciya ko da ya aikata a cikinta abin da ke ɓata ta, domin bai sani ba cewa magana a cikin sallah tana ɓata ta. Fatawar da malamai suke bayarwa ma tana bin dokar jahilci dangane da wanda ya nemi ra'ayin. Amma malamin da ya bayar da ra'ayin ba a yi masa uzuri ba, domin bai yi iya kokarinsa ba wajen fahimtar hakikanin kamfanonin hannun jari kafin ya bayar da ra'ayi a kansu. Dangane da mallakar hannun jari da masu hannun jari suke da shi, mallaka ce ta halal, kuma waɗannan hannun jari dukiya ce ta halal muddin Shari'a ta hukunta cewa aikinsu ya inganta. Ba ta zama ba-ingantacciya ba, domin ana yafe musu saboda jahilcin rashin ingancinta. Sai dai sayar da waɗannan hannun jari ga Musulmi ba a halatta ba, domin a cikin Shari'a takardun kuɗi ne marasa inganci, kuma halatta mallakarsu tana zuwa ne a kaikaice, watau bisa jahilci na hukuncin da aka yafe. Idan hukuncin shari'ar Allah a kansu ya zama sananne, to sai su zama dukiya ta haram wadda ba a halatta a sayar ko saye ta ba, kuma ba za a iya wakiltar sauran Musulmi su sayar da ita a madadinsa ba.

The answer to these questions is that ignorance of the divine law (Hukm Shar’i) is not an excuse, because it is compulsory upon every Muslim to learn about that which He needs in his life of the divine laws (Ahkam Shari’ah) so that He can carry out all his actions according to the divine law. If that law is one of those laws which are usually unknown for such persons, then He is not blamed for that action and it would be a valid action for him, even though it is invalid in Shar’a. This is because of the narration: “the Messenger (pbuh) heard Mu’awiya ibn Al-Hakam praying for someone who sneezed while He was in prayer. After they finished the prayer, the Messenger of Allah (pbuh) taught Him that speaking during the prayer would nullify it, and praying for the one who sneezes nullifies the prayer, but He (Messenger of Allah (pbuh) did not order Him to perform the prayer again.” This is the meaning of what was narrated by Muslim and An-Nisai from `Ata’a ibn Yasar. This is because the rule (not talking during the prayer) was usually unknown to such a person and so the Messenger of Allah (pbuh) excused Him and considered his prayer valid. The prohibition of the share stock companies in view of the Shar’a is one of the rules whose like is unknown to many Muslims and so their ignorance can be excused. The action of those who took partnership in them is considered valid, though the companies are invalid, like the prayer of Mu’awiya ibn al-Hakam which is considered valid though He did something in it that invalidates it, as He did not know that talking during prayer invalidates it. The fatwa given by the scholars also takes the rule of ignorance with respect to the one who seeks the opinion. However, the scholar who gives the opinion is not excused because He did not exhaust his effort to understand the reality of the share stock companies before He gave an opinion about them. With regard to the ownership of the shares by the shareholders, it is a valid ownership and these shares are Halal properties so long as Shar’a judged that their action was valid. It is not invalid as they are excused for being ignorant of its invalidity. Selling these shares to Muslims, however, is not allowed, because in Shar’a they are invalid currency notes and the allowance of their ownership is incidental, i.e. based upon ignorance of the hukm that was excused. When the divine law about it becomes known, then it becomes a Haram property that is not allowed to be sold or bought, nor can one delegate other Muslims to sell it for him.

Hanyar da za a bi wajen kawar da wadannan hannayen jari da aka mallaka saboda jahilcin dokar Allah ita ce a rusa kamfanin ko a mayar da shi kamfani na Musulunci. Ko kuma a sami wanda ba Musulmi ba wanda ya ga cewa hannayen jarin kamfanin hannayen jari halal ne, a ba shi wakilci ya sayar da hannayen jarin a madadinsa, sannan a karbi kudin da aka samu daga baya. An ruwaito daga Suwaid ibn Ghafala cewa: "Bilal ya ce wa 'Umar ibn Al-Khattab: 'Ma'aikatanka (Ummal) suna karbar giya da alade a matsayin Kharaj.' Ya ce: 'Kada ku karbi (wadannan abubuwa) daga gare su, amma ku ba su wakilci su sayar da su, ku karbi kudinsu.'" Abu 'Ubayd ne ya ruwaito shi a cikin Al-Amwal. Babu wanda ya ki amincewa da wannan aiki daga 'Umar, kuma da an ki amincewa da shi idan ya saba wa Shari'a, don haka ya zama Ijma'i. Giya da alade suna cikin dukiyar Dhimmawa, kuma ba za su iya zama dukiyar Musulmi ba. Lokacin da suka so su ba Musulmi su a madadin Jizya, 'Umar ya umarci Musulmi kada su karbe su, sai dai su ba su wakilci su sayar da su, su karbi kudin. Tunda hannayen jari dukiyar masu jari-hujja ce kuma ba za su iya zama dukiyar Musulmi ba, kuma sun koma hannun Musulmi, to ba halal ba ne Musulmi su karbe su. Maimakon haka, dole ne su ba su wakilci wajen sayar da su. Kamar yadda hakkin Musulmi a Jizya da Kharaj aka tabbatar a cikin giya da alade, 'Umar kuma ya yarda su bar Dhimmawa su sayar da su a madadinsu, haka ma hakkin Musulmi ne a cikin wadannan hannayen jari su yi wakilci ga Dhimmawa su sayar musu da hannayen jarin.

The way to dispose of these shares which were owned due to the ignorance of the divine law is to dissolve the company or transform it into an Islamic company. Alternately one can find a non-Muslim who considers the shares of the share stock company allowed and delegate Him to sell the shares on his behalf and then receive the subsequent proceeds. It was reported from Suwaid ibn Ghafala “that Bilal said to ‘Umar ibn Al-Khattab: “Your administrators (‘Ummal) take wine and pigs as Kharaj.” He said, “Don’t take (these things) from them, but delegate them to sell them and take their price” narrated by Abu ‘Ubayd in Al- Amwal. No one denied this action from ‘Umar, though it would have been denied if it disagreed with Shar’a, so it became Ijma’a. Wine and pigs are of the properties of the Dhimmis and cannot be properties for Muslims. When they wanted to give them to Muslims in exchange for Jizya, ‘Umar ordered Muslims not to accept them, but to delegate them to sell them and take the proceedings. Since shares are of the Capitalists’ properties and cannot be of the properties of Muslims, and they were passed to Muslims hands, so it is not valid for Muslims to take them. Instead they have to delegate to them their sale. Just like the right of Muslims in Jizya and Kharaj has been confirmed in wine and pigs, and ‘Umar allowed them to let the Dhimmis sell them on their behalf, it is also the right of Muslims in these shares that they are allowed to delegate the Dhimmis to sell the shares for them.