Hisa za aina hii ya kampuni ni noti za sarafu zinazowakilisha thamani ya kampuni wakati wa tathmini yake, si mtaji wa kampuni wakati wa kuanzishwa kwake. Hisa ni sehemu isiyogawanyika ya chombo cha kampuni, wala si sehemu ya mtaji wake. Ni aina ya karatasi ya dhamana inayowakilisha thamani ya mali za kampuni. Thamani ya hisa haibaki thabiti, na inaweza kubadilika kulingana na faida au hasara za kampuni. Haibaki vilevile kwa miaka yote, bali inaweza kubadilika. Kwa hiyo, hisa haziwakilishi mtaji uliolipwa wakati wa kuanzishwa kwa kampuni, bali mtaji wa kampuni wakati wa kuuzwa kwa hisa hizo katika wakati fulani. Ni kama karatasi ya sarafu au noti ya benki ambayo thamani yake hushuka soko linapoporomoka na kupanda soko la hisa linapopanda. Kwa hiyo hisa huacha kuwa mtaji baada ya kampuni kuanza kazi zake; badala yake, inakuwa noti ya sarafu yenye thamani fulani.

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.

Hukmu ya kisheria (Hukm Shar'i) kuhusu noti za sarafu lazima ichunguzwe. Ikiwa ni hati za dhamana zinazojumuisha kiasi cha mali halali, kama noti za sarafu zinazoungwa mkono na kiasi sawa cha dhahabu au fedha au kitu kama hicho, basi kuziuza au kuzinunua kunaruhusiwa (Halali), kwa sababu mali inayowakilishwa nazo ni halali. Hata hivyo, ikiwa ni hati za dhamana zinazowakilisha kiasi cha mali haramu, kama hati za madeni ambazo mali yake imewekezwa kwa riba, au hisa za benki na kadhalika, basi biashara yake imekatazwa (Haramu), kwa sababu mali inayowakilishwa nazo ni haramu. Hisa za kampuni za hisa ni hati za dhamana zinazojumuisha kiasi kilichochanganyika cha mtaji halali na faida haramu, kupitia mkataba na miamala inayochukuliwa kuwa batili katika Shariah, bila tofauti yoyote kati ya mali ya asili na faida. Kila noti ya dhamana inawakilisha thamani ya hisa moja kutoka katika mali ya kampuni batili. Mali hizi zimepatikana kupitia muamala batili uliokatazwa na Shariah, kwa hiyo mali hii ni haramu. Hivyo basi, hisa za kampuni ya hisa zinajumuisha kiasi cha mali haramu. Kwa hiyo noti hizi za sarafu ambazo ni hisa ni mali haramu, na ni marufuku kuziuza, kuzinunua au kufanya biashara nazo.

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.

Swali hili linazua maswali kuhusu Waislamu wanaonunua hisa za kampuni hizi, wanaoshiriki katika kuanzisha kampuni hizo, au wanaoshikilia hisa kutokana na usajili wao katika kampuni kama hizo. Je, kitendo chao kilikuwa Haramu, hata kama walikuwa hawajui Hukm Shar’i wakati walipojiunga na kampuni hizi? Au ikiwa baadhi ya wanazuoni, ambao hawakuelewa uhalisia wa kampuni ya hisa, walitoa fatwa ya ruhusa kwao, je, hisa hizi zinazomilikiwa nao ni mali Halali, ingawa zilipatikana kupitia muamala batili kwa mujibu wa Shariah? Au ni Haramu, na kwa hiyo si mali yao halali? Na je, wanaruhusiwa kuuza hisa hizi kwa watu wengine au hapana?

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?

Kutojua hukmu ya Sharia (Hukm Shar’i) si udhuru, kwa sababu ni wajibu kwa kila Muislamu kujifunza yale anayohitaji katika maisha yake miongoni mwa hukumu za Sharia (Ahkam Shari’ah), ili atekeleze vitendo vyake vyote kulingana na Sharia. Ikiwa hukumu hiyo ni miongoni mwa zile ambazo kwa kawaida hazijulikani kwa watu kama hao, basi hatalaumiwa kwa kitendo hicho, na kitendo chake kitakuwa sahihi kwake, ingawa ni batili kishari’a. Hii ni kwa sababu ya riwaya: “Mtume ﷺ alimsikia Mu’awiya bin Al-Hakam akimwombea dua aliyepiga chafya wakati yeye alikuwa katika sala. Walipomaliza sala, Mtume ﷺ alimfundisha kwamba kuzungumza wakati wa sala huibatilisha, na kumwombea dua aliyepiga chafya huibatilisha sala, lakini hakumwamuru kurudia sala.” Hii ndiyo maana ya yale aliyoyasimulia Muslim na An-Nisai kutoka kwa `Ata’a bin Yasar. Hii ni kwa sababu hukumu (kutozungumza wakati wa sala) kwa kawaida haikuwa inajulikana kwa mtu kama huyo, hivyo Mtume ﷺ alimsamehe na kuiona sala yake kuwa sahihi. Katazo la kampuni za hisa kwa mujibu wa Sharia ni miongoni mwa hukumu ambazo mfano wake haujulikani kwa Waislamu wengi, hivyo kutojua kwao kunaweza kusamehewa. Kitendo cha wale walioshiriki ndani yake kinachukuliwa kuwa sahihi, ingawa kampuni hizo ni batili, kama vile sala ya Mu’awiya bin al-Hakam inavyochukuliwa kuwa sahihi ingawa alifanya jambo ndani yake lililoibatilisha, kwa kuwa hakujua kwamba kuzungumza wakati wa sala huibatilisha. Fatwa inayotolewa na wanazuoni pia inachukua hukumu ya kutojua kwa yule anayeomba fatwa. Hata hivyo, mwanazuoni anayetoa fatwa hasamehewi, kwa sababu hakufanya juhudi zote kuelewa uhalisi wa kampuni za hisa kabla ya kutoa fatwa kuhusu hizo. Kuhusu umiliki wa hisa kwa wenye hisa, ni umiliki halali, na hisa hizi ni mali halali mradi tu Shari'a imehukumu kwamba kitendo chao kilikuwa sahihi. Si batili kwa kuwa wamesamehewa kwa kutojua ubatili wake. Hata hivyo, kuziuza hisa hizi kwa Waislamu hairuhusiwi, kwa sababu katika Shari'a ni noti za fedha batili, na kuruhusiwa kwa umiliki wake ni jambo la kutokea tu, yaani kwa msingi wa kutojua hukumu iliyosamehewa. Hukumu ya kisheria inapojulikana, basi huwa ni mali haramu ambayo hairuhusiwi kuuzwa wala kununuliwa, wala mtu hawezi kuwakabidhi Waislamu wengine kuiuza kwa niaba yake.

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.

Njia ya kuondoa hisa hizi ambazo zilimilikiwa kwa sababu ya kutojua hukumu ya Sharia ni kuivunja kampuni au kuibadilisha kuwa kampuni ya Kiislamu. Vinginevyo, mtu anaweza kumpata asiye Mwislamu anayeona hisa za kampuni ya hisa kuwa halali na kumwakilisha amuuzie hisa hizo kwa niaba yake, kisha apokee mapato yatakayopatikana baadaye. Imepokewa kutoka kwa Suwaid bin Ghafala kwamba Bilal alimwambia 'Umar bin Al-Khattab: "Mawakili wako ('Ummal) wanachukua mvinyo na nguruwe kama Kharaj." Akasema, "Msichukue (vitu hivyo) kutoka kwao, bali waagizeni wayauze na mchukue bei yake," kama alivyosimulia Abu 'Ubayd katika Al-Amwal. Hakuna aliyekataa kitendo hiki cha 'Umar, ingawa kingekataliwa kama kingepingana na Shar'a, hivyo kikawa Ijma'a. Mvinyo na nguruwe ni miongoni mwa mali za Dhimmi na haziwezi kuwa mali za Waislamu. Walipotaka kuwapa Waislamu kwa malipo ya Jizya, 'Umar aliamuru Waislamu wasizipokee, bali wawaagize wawauzie na wachukue mapato yake. Kwa kuwa hisa ni miongoni mwa mali za Mabepari na haziwezi kuwa mali za Waislamu, na zimefikia mikononi mwa Waislamu, basi si halali kwa Waislamu kuzichukua. Badala yake, lazima wawape wao wakala wa kuziuza. Kama vile haki ya Waislamu katika Jizya na Kharaj imethibitishwa katika mvinyo na nguruwe, na 'Umar akaruhusu kuwaacha Dhimmi wawauze kwa niaba yao, ndivyo pia ni haki ya Waislamu katika hisa hizi kwamba wanaruhusiwa kuwaagiza Dhimmi wawauzie hisa hizo kwa ajili yao.

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.