Question Summary:
At my previous job at a publicly traded software firm, I received, as part of my compensation package, stocks of the employer corporation. I did not have to pay anything for these stocks out of my own pocket. Now, I would like to sell these stocks… Question Detail:
I have read the fatwā on stocks in limited liability companies at Muftī Desai's site. In light of this fatwā, I have the following query. At my previous job at a publicly traded software firm, I received, as part of my compensation package, stocks of the employer corporation. I did not have to pay anything for these stocks out of my own pocket. Now, I would like to sell these stocks and make use of the money I receive thereby. Please let me know whether it would be permissible for me to do so or not.
Answer :
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In the name of Allāh, Most Gracious, Most Merciful
Assalāmu ῾alaykum wa Rahmatullāhi Wabarakātuh
You may regard the stocks as a certificate of debt owed to you by the company. If the company has a buyback policy, then you may sell the stock back to the company at the current market value.
If the company does not have a buyback policy, then you may “sell” the stocks to another buyer with the intention of simply transferring the debt over to him. Hence, the buyer pays you the money owed to you by the company and will transfer the company’s debt (in the form of stocks) over to his name.
Since you are simply transferring over a debt, it is not permissible for you to earn a profit on this transaction, as this would constitute ribā’ (interest). Hence, you may only sell it at the market value of the stocks at the time you initially received them. If the stock price has decreased from its value when you initially received it, you should make the intention to forgive the difference in the value from the debt owed to you and, thereafter, transfer over the remaining amount.
If you have exhausted all avenues to accurately determine the stocks’ value when it was initially given, you may use your best judgment to estimate the value. If you estimate a slightly lower amount in order out of precaution, it would be from your taqwā and, inshāAllāh, merit much thawāb.
ولا ينعقد بيع الدين من غير من عليه الدين ويجوز من المديون لعدم الحاجة إلى التسليم
(البحر الرائق، كتاب البيوع: 5/280؛ المعرفة)
بيع الدين إنما يجوز من المديون
(الدر المختار، كتاب البيوع: 4/517؛ الفكر)
فإن بيع الدين من غير من عليه الدين لا يجوز
(الفتاوى الهندية، كتاب الإجارة، الباب الخامس: 4/419؛ الفكر)
فمن جملة صورة الفاسدة أن يبيع بخمر أو خنزير، ومن جملة ذلك بيع الدين من غير من عليه الدين
(المحيط البرهاني، كتاب البيوع، الفصل السادس: 6/414؛ التراث)
ففي البزازية من أول كتاب الهبة وبيع الدين لا يجوز ولو باعه من المديون أو وهبه جاز
(رد المحتار، كتاب الصلح، فصل في التخارج: 5/644؛ الفكر)
ولا ينعقد بيع الدين من غير من عليه الدين لأن الدين إما أن يكون عبارة عن مال حكمي في الذمة وإما أن يكون عبارة عن فعل تمليك المال وتسليمه وكل ذلك غير مقدور التسليم في حق البائع ولو شرط التسليم على المديون لا يصح أيضا لأنه شرط التسليم على غير البائع فيكون شرطا فاسدا فيفسد البيع ويجوز بيعه ممن عليه لأن المانع هو العجز عن التسليم ولا حاجة إلى التسليم ههنا
(بدائع الصنائع، كتاب البيوع، فصل أما يرجع إلى المعقود عليه: 5/148؛ الكتب)
And Allāh Ta῾āla Knows Best
Wassalāmu ῾alaykum
Mufti Abrar Mirza, (Chicago, US)
Checked and Approved by:
Mufti Ebrahim Desai
Dārul Iftā, Madrasah In῾āmiyyah
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