শেয়ার বাজার-এর মাসয়ালা কি?

Western style markets in their countries and to enable Western capitalists to trade in them and transfer their capital in and out of the country easily and whenever they pleased. This they did under the pretext of encouraging "Foreign Investment" in their economies, which they claim is one of the New World economy's prerequisites.
 Direct and real investment
 Indirect Investment
 Indirect investment, this would take effect when an investor purchases a number of shares in established local companies, run by local people or by the government, and when some of these shares are floated in the local stock market. Hence, an investor would buy these shares from these markets, but not with the aim of acquiring or running that company, nor with the aim of sharing in its profits by waiting for dividends, but with the aim of making a huge and swift profit due to a sharp rise in the value of the shares he had purchased. The most fertile markets for such an aim would be those of the developing countries (emerging markets), where investors can influence the prices.  A number of investment funds act collectively as one group in the market, since their aim and their activity are similar.

The stock markets in the West could not have come into being had it not been for three basic systems in the Capitalist economy.These are:
 The public limited companies system.  The usurious banking system.  The inconvertible paper money standard.

These three systems have come together to split the Capitalist economy into two economies, or into two types of markets: Real economy, Financial economy.
• The first aspect to note that Islam does not have a dual economy. Islam only has the real economy, which is interested in trading, manufacturing, making profits and avoiding losses. All the policies(such as, promoting Investment etc.) of the Khilafah are geared for the real economy. • Financial markets are built on illusionary factors which consistently cause uncertainty and instability. However most individuals and their wealth ends up in the markets in the hope of handsome returns.
• Essentially the financial markets are a parallel economy which exists alongside the real economy and affects the real economy through various styles although it produces nothing tangible. • The financial economy consists of tradable paper which has financial values which rise and fall based upon the value people give to them. They have become so sophisticated that various products have been created which allow an investment in a paper based upon another paper based upon another paper with no real asset represented.
• Speculation forms one of the basic motivations for institutions and individuals to pour money into the markets. Money was borrowed and poured into the markets which fuelled the bubble, the price of the assets rose to levels which were well above the real value of the asset. Many institutions continued to pour money in order to make profits with the money mostly being borrowed, and then an event occurred which proves to everyone that prices have reached a level where they will not continue rising, at this point the bubble bursts. All sectors of the economy feed into such speculation.
Now we turn to Capitalist economy system :
The capitalists' aim from controlling a certain company through its board of directors is merely to influence its activity in a manner leading to the rise in the value of its shares.
• The distinguishing characteristic of the public company is that it has limited liability, aimed at protecting major capitalists and businessmen in case the company fails and incurs losses, in which case, those who have claims against it would not be able to demand from its investors any compensation no matter how large the personal assets (shareholding) of the investors are. The financial claims are only confined to what is left in the company in terms of assets.This system is contradictory to Shari'ah in every aspect. The Shari'ah rule obliges all to repay debts in full to the rightful owners, and it is forbidden to cut anything from them. Al-Bukhari reported on the authority of Abu Hurayrah that the Messenger of Allah _ said:

"He who takes money from people with the intention of paying it back Allah will pay on his behalf, and he who takes it with the intention to waste it Allah will waste him."

Ahmed also reported on the authority of Abu Hurayrah who said, The Messenger of Allah _ said: "You shall return the rights to their rightful owners on the Day of Judgement, even the ewe with no horns will get even with the ewe with horns by butting it back."

Hence, the Messenger of Allah _ has confirmed the obligation of fulfiling one's rights in full in temporal life, and if one does not he will do so on the Day of Judgement.This serves as a warning for those who devour people's rights.

Shari'ah has made it an unjust act for the rich to delay the settlement of their debts. Al-Bukhari reported on the authority of Abu Hurayrah who said, The Messenger of Allah _ said: "The delay by the rich is unjust."

Al-Bukhari reported that the Messenger of Allah _ said:
"Truly the best from amongst you are those who are best in settling debts."

Therefore to restrict the settlement of debts to those who have claims against the company, only after clearance of the public company's losses, is forbidden. Rather they should be given all that is owed to them in terms of rights or debts in full from the assets of the investors.
• As for the public limited companies themselves, they contradict the rules of companies in Islam. This is so because the public company according to their definition : "' It is not a contract between two or more people, rather it is an agreement all agree to when they subscribe for shares in the company." According to this definition and according to the reality pertaining to the founding of the public company or the Joint-Stock Company, it becomes clear that it is not a contract between two people or more according to the Islamic Shari'ah rules, because the contract according to Shari'ah is based on offer and acceptance between two parties. If the contract is lacking the presence(physically) of two parties and the presence of offer and acceptance, nothing can be contracted and nothing can be called a legitimate contract. The presence of a physical partner is essential in the contract of the company, it could not be unilateral. Taking part in a public company can take effect by merely buying its shares, either from the company itself or from someone who had already bought some of its shares. The partnership of the shareholder does not entail any negotiations or any agreement with the company, or with any other shareholder. It is an established convention in the West that the public limited company is established and declared by the state, not its founders.It is the state that issues the memorandum of association, specifies the nature of its business and the number of its shares. When the "Memorandum of Association" is issued, the company becomes effectively in charge of its own affairs, it has legal entity in its own right, liable to pay its own tax and can be taken to court and sued ,thus it sells shares to the founders and to other people.
• Again,according to Shari’ah, disposal can only be given to a person that has the competence of disposal. Any disposal not conducted in this manner will be considered invalid according to Shari'ah.
Hence, assigning the right of disposal for a company's affairs to a corporeal personality is forbidden. It must be assigned to a real person he who has the competence of disposal.
• As for the shares of such companies, these are financial papers representing a share in the company at the time of purchase or at the time of evaluation. They do not represent the capital of the company at the time of establishment. The share is an integral part of the company's entity and it is not part of its capital.The value of the shares is not unique nor is it stable. It rather varies according to the profits and losses of the company.They are not unique and fixed at all times, but they are constantly fluctuating. As for the Shari'ah rule pertaining to the dealing in these shares and in securities, whether buying or selling, it is forbidden. This is because these shares are those of a company that is unlawful according to Shari'ah.They are in fact certificates of bills which contain mixed sums from a lawful capital and unlawful profits made from an unlawful transaction. Each bill represents the value of a share, and this share represents part of the assets that belong to the unlawful company.These assets have been mixed with an unlawful transaction which Shari'ah has prohibited. Thus, it is illicit money, whose buying and selling becomes unlawful, and dealing in such money is also illicit.This is also the case for bonds, in which money is invested with interest, and so is the case for bank shares and similar, since they all contain sums of illicit money; thus their buying and selling is unlawful, because the money contained in them is illicit.
• This is as far as public companies, their systems and their shares is concerned. As for usury, which is the main calamity in the Capitalist economy and other economies, Islam has forbidden it categorically regardless of the rate. The usurious money is unlawful without any shade of a doubt, and no person has the right to own such money and it should be returned to its rightful owners if they are know. Due to the atrocity of usury, Allah (swt) described those who devour it as those whom Shaitan has driven to madness by his touch.

Allah (swt) says : "Those who devour usury will not stand except as stands one whom Shaitan by his touch has driven to madness. That is because they say: Trade is like usury. But Allah has permitted trade and forbidden usury.Those who after receiving direction from their God desist shall be pardoned for the past their case is for Allah to judge; but those who repeat the offence are companions of the fire.They will abide therein forever." [TMQ Al-Baqarah: 275]

Also, due to the severity of the prohibition of usury, Allah (swt) declared war against those who devour it.

Allah (swt) says : "O you who believe fear Allah and give up what remains of your demand for usury, if you are indeed believers. If you do not, take notice of war from Allah and His Messenger; but if you turn back you shall have your capital sums, deal not unjustly and you shall not be dealt with unjustly." [TMQ Al-Baqarah: 278-279]