Ushbu turdagi kompaniyaning aksiyalari qiymati kompaniya tashkil etilgan paytdagi kapitalini emas, balki uni baholash vaqtidagi qiymatini ifodalovchi pul qog'ozlaridir. Aksiya kompaniya mohiyatining bo'linmas qismi bo'lib, u kompaniya kapitalining qismi emas. U kompaniya aktivlarining qiymatini ifodalovchi qimmatli qog'oz shaklidir. Aksiyalarning qiymati belgilangan emas va kompaniyaning foydasi yoki zararlariga ko'ra o'zgarishi mumkin. U barcha yillar uchun belgilangan emas, balki o'zgarib turishi mumkin. Shunday ekan, aksiyalar kompaniya tashkil etilgan paytda to'langan kapitalni emas, balki ma'lum bir vaqtda sotilayotgan paytdagi kompaniya kapitalini ifodalaydi. Bu bozor pasayganda qiymati tushib, bozor ko'tarilganda qiymati oshadigan pul qog'ozi yoki banknotaga o'xshaydi. Shunday qilib, aksiya kompaniya o'z faoliyatini boshlaganidan keyin kapital bo'lishdan to'xtaydi; aksincha, ma'lum qiymatga ega bo'lgan pul qog'oziga aylanadi.

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.

Shariat hukmi (Hukm Shar’i) nuqtai nazaridan pul qog‘ozlari (valyuta banknotalari) ko‘rib chiqilishi kerak. Agar ular tarkibida halol mol-mulk mavjud bo‘lgan qimmatli qog‘ozlar bo‘lsa, masalan, teng miqdordagi oltin yoki kumush yoki shunga o‘xshash narsa bilan ta’minlangan valyuta banknotalari bo‘lsa, ularni sotish yoki sotib olish joiz (halol) hisoblanadi, chunki ular o‘zida mujassam etgan mol-mulk halol hisoblanadi. Lekin agar ular haром mol-mulkni ifodalovchi qimmatli qog‘ozlar bo‘lsa, masalan, mol-mulki ribo (foiz) orqali joylashtirilgan qarz majburiyatlari (obligatsiyalar) yoki bank aktsiyalari va shunga o‘xshashlar bo‘lsa, ularning savdosi man etiladi (harom), chunki ular ifodalagan mol-mulk haромdir. Aksiyadorlik jamiyatlarining aksiyalari tarkibida Shariatda haром hisoblangan, yaroqsiz shartnoma va bitimlar orqali olingan halol kapital va haром foydaning aralash miqdorlarini o‘z ichiga olgan qimmatli qog‘ozlardir, asl mol-mulk va foyda o‘rtasida hech qanday farq qilinmaydi. Har bir qimmatli qog‘oz yaroqsiz kompaniyaning aktivlaridan bir aksiya qiymatini ifodalaydi. Bu aktivlar Shariat tomonidan man etilgan yaroqsiz bitim orqali topilgan, shuning uchun bu mol-mulk haромdir. Demak, aksiyadorlik jamiyatining aksiyalari haром mol-mulk miqdorlarini o‘z ichiga oladi. Natijada, aksiya bo‘lgan bu pul qog‘ozlari haром mol-mulk hisoblanadi va ularni sotish, sotib olish yoki ular bilan muomala qilish man etiladi.

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.

Yuqorida keltirilgan muhokama shu savollarni tug'diradi: bu kompaniyalarning aksiyalarini sotib olgan, ularni tashkil etishda sherik bo'lgan yoki ularga obuna bo'lish orqali aksiyalarga ega bo'lgan musulmonlarning ishi harommi? Ular obuna bo'lish paytida shar'iy hukmni bilmagan bo'lsalar ham, shu holatda ish harom bo'ladimi? Agar ba'zi olimlar aksiyadorlik jamiyatining haqiqatini tushunmasdan, ularga ruxsat beruvchi fatvo bergan bo'lsalar, ularga tegishli bo'lgan bu aksiyalar va ulushlar halol mulk hisoblanadimi, garchi ular shar'an batil bitim orqali topilgan bo'lsa ham? Yoki ular harom bo'lib, shu sababli ularning egalari tomonidan qonuniy ravishda egallanmagan bo'ladimi? Va bu aksiyalarni boshqa odamlarga sotishga ruxsat bormi yoki yo'qmi?

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?

Savollarga javob shuki, shar’iy hukmni bilmaslik uzr emas, chunki har bir musulmonga o‘z hayotida zarur bo‘lgan shar’iy hukmlarni (Ahkomi Shar’iyya) o‘rganish farz qilingan, toki barcha amallarini shar’iy hukmga muvofiq qila olsin. Agar o‘sha hukm odatda bunday kishilarga noma’lum bo‘lgan hukmlardan bo‘lsa, u holda u shu amali uchun ayblanmaydi va uning amali o‘ziga nisbatan to‘g‘ri hisoblanadi, garchi shar’an noto‘g‘ri bo‘lsa ham. Buning dalili quyidagi rivoyatdir: “Payg‘ambar ﷺ Mu’oviya ibn al-Hakamning namozda turganida aksirgan kishi uchun duo qilganini eshitdilar. Namoz tugagach, Allohning Elchisi ﷺ unga namozda gapirish namozni buzishini, aksirgan kishiga duo qilish ham namozni buzishini o‘rgatdilar, lekin uni namozni qayta o‘qishga buyurmadilar.” Bu Muslim va An-Nasoiy tomonidan ‘Ato ibn Yasordan rivoyat qilingan ma’nodir. Buning sababi shuki, bunday kishiga (namozda gapirmaslik) qoidasi odatda noma’lum edi, shuning uchun Allohning Elchisi ﷺ uni kechirdilar va namozini to‘g‘ri deb hisobladilar. Shar’at nuqtai nazaridan aktsiyadorlik jamiyatlarining man etilishi ham ko‘p musulmonlarga noma’lum bo‘lgan hukmlardan biridir, shuning uchun ularning bilmasliklari uzr qilinishi mumkin. Ularga sherik bo‘lganlarning amali to‘g‘ri hisoblanadi, jamiyatlarning o‘zi esa noto‘g‘ri bo‘lsa ham. Xuddi Mu’oviya ibn al-Hakamning namozi kabi: u namozni buzuvchi narsani qilgan bo‘lsa ham, namoz to‘g‘ri hisoblangan, chunki u namozda gapirish uni buzishini bilmagan edi. Olimlar tomonidan berilgan fatvo ham fatvo so‘ragan kishiga nisbatan bilmaslik qoidasini qo‘llaydi. Ammo fatvo beruvchi olim uzr qilinmaydi, chunki u fatvo berishdan oldin aktsiyadorlik jamiyatlarining haqiqatini tushunish uchun o‘z kuchini to‘liq sarflamagan. Aksiyadorlarning aksiyalarga egalik qilishiga kelsak, bu haqiqiy egalik bo‘lib, Shar’iy hukm ularning harakatini to‘g‘ri deb topganicha, bu aksiyalar halol mol-mulk hisoblanadi. Ular o‘z nohaqligini bilmaganliklari uchun uzrli bo‘lgani sababli, bu egalik noto‘g‘ri emas. Biroq, bu aksiyalarni musulmonlarga sotish joiz emas, chunki Shar’iy jihatdan ular noqonuniy pul qog‘ozlaridir, ularga egalik qilishga ruxsat berilishi esa tasodifiy bo‘lib, bu uzr qilingan hukmni bilmaslikka asoslangan. Ilohiy hukm ma’lum bo‘lgach, bu mol-mulk harom bo‘lib qoladi va uni sotish yoki sotib olish, shuningdek, boshqa musulmonlarga uni sotish vakolatini topshirish ham joiz emas.

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.

Shubhali aksiyalarni yo'q qilishning yo'li — kompaniyani tugatish yoki uni islomiy kompaniyaga aylantirish. Yoki shariat hukmini bilmaydigan, lekin aksiyalarga ega aksiyadorlik jamiyati aksiyalarini halol deb hisoblaydigan kofirni topib, aksiyalarni uning nomidan sotishni topshirish va keyin tushgan pulni olish mumkin. Suvayd ibn G'afaladan rivoyat qilinadi: "Bilol 'Umar ibn al-Xattobga dedi: «Sizning hokimlaringiz kharaj sifatida sharob va cho'chqa olmoqdalar». U dedi: «Ulardan olmanglar, balki ularni sotishni topshiringlar va narxini olinglar», — buni Abu 'Ubayd «al-Amvol» kitobida rivoyat qilgan. 'Umardan bu ish inkor etilmagan. Agar bu Shar'iy hukmga zid bo'lganida, inkor etilgan bo'lardi, shu sababli bu ijmo' bo'ldi. Sharob va cho'chqa zimmiylarning mol-mulkidan bo'lib, musulmonlarning mol-mulki bo'la olmaydi. Ular jizya evaziga musulmonlarga berilmoqchi bo'lganida, 'Umar musulmonlarga ularni qabul qilmaslikni, balki sotishni topshirib, pulini olishni buyurdi. Aksiyalar esa kapitalistlarning mol-mulkidan bo'lib, musulmonlarning mol-mulki bo'la olmaydi. Ular musulmonlarning qo'liga o'tgan ekan, musulmonlar ularni olishi joiz emas, balki ularni sotishni ularga topshirishlari lozim. Xuddi sharob va cho'chqada musulmonlarning jizya va kharajdagi haqqi tasdiqlanib, 'Umar zimmiylarga ularni ularning nomidan sotishga ruxsat bergani kabi, bu aksiyalarda ham musulmonlarning haqqi shundaki, ular zimmiylarga aksiyalarni ularning nomidan sotishni topshirishlari mumkin.

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.