Council of Ulema allowed Russian Muslims to trade in securities
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The purchase and sale of securities does not contradict Sharia law – this was the conclusion of the Ulema Council of the Spiritual Administration of Muslims (DUM) of Russia. The fatwa on the permissibility of buying and selling shares will not apply to securities of companies involved in the sale of alcohol, pork and gambling.
“There are three types of companies in the securities market. The first – their activities are permitted by Sharia, and the faithful have the right to trade in such shares. The second are companies whose activities are forbidden to Muslims, for example, gambling and gambling, alcohol, pork business, etc. The third are mixed companies. They are mainly engaged in Sharia-sanctioned activities, but are forced to resort, for example, to usurious loans from traditional banks,” Ildar Alyautdinov, deputy chairman of the DUM, shared with RIA Novosti about the classification of organizations.
He stressed that the detailed terms of share transactions for Muslims will be set out in the full text of the adopted fatwa, which the DUM will publish on its website.
Religious norms require Muslims to be especially sensitive when choosing companies to invest funds or lending instruments. For the followers of Islam, there are special stock indices that do not include shares of companies whose activities are contrary to Muslim norms. For example, S&P 500 Shariah Index or Dow Jones Islamic Market Index.
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