Islamic Propagation Office of Qom Seminary, Khorasan Razavi Branch Journal of Islamic Law and Jurisprudence 2476-7565 11 1 2025 05 22 Jurisprudential Considerations of Stock Endowment and Its Implementation in the Capital Market Jurisprudential Considerations of Stock Endowment and Its Implementation in the Capital Market 125 157 77738 10.22034/jrj.2025.68929.2805 FA Mohamad Amin Mosaddeq Howzeh qom Mahdi Zowqi Howzeh qom Hadi Zowqi Howzeh Yousof Salahi Howzeh qom Mohamad Naseri Howzeh qom 0009-0009-5968-7138 Journal Article 2024 05 12 The expansion of human societies and economic advancements has led to new financial instruments and assets, including stocks and cryptocurrencies. These developments present new opportunities for endowment (<em>waqf</em>) practices, particularly through the endowment of company stocks. However, Islamic jurisprudence requires specific conditions for valid endowments, including that the endowed property must be tangible (<em>ʿayn</em>), capable of preservation while allowing benefit, and prohibited from sale. This necessitates a jurisprudential examination of stock endowment and its implementation in capital markets.<br />Regarding the nature of stock, analysis reveals it to be a credit property representing a share of a company’s secondary capital. By redefining waqf as “the confinement of property while permitting the utilization of its benefits,” and through either challenging the evidence for the tangible property requirement or expanding the interpretation of <em>ʿayn</em> to include credit properties, religious (<em>sharʿī</em>) endowment of stocks becomes theoretically acceptable.<br />An alternative approach is “customary (<em>ʿurfī</em>) endowment,” which adopts the term <em>waqf</em> but operates outside strict jurisprudential rulings. A key challenge is reconciling the prohibition against selling endowed property with the primary benefit of stocks – profit through trading. Potential solutions include specific conditions set by the endower (<em>wāqif</em>) at the time of endowment or exceptions when maintaining the stock becomes unprofitable<br /><br /><br /><br /><br />  The expansion of human societies and economic advancements has led to new financial instruments and assets, including stocks and cryptocurrencies. These developments present new opportunities for endowment (<em>waqf</em>) practices, particularly through the endowment of company stocks. However, Islamic jurisprudence requires specific conditions for valid endowments, including that the endowed property must be tangible (<em>ʿayn</em>), capable of preservation while allowing benefit, and prohibited from sale. This necessitates a jurisprudential examination of stock endowment and its implementation in capital markets.<br />Regarding the nature of stock, analysis reveals it to be a credit property representing a share of a company’s secondary capital. By redefining waqf as “the confinement of property while permitting the utilization of its benefits,” and through either challenging the evidence for the tangible property requirement or expanding the interpretation of <em>ʿayn</em> to include credit properties, religious (<em>sharʿī</em>) endowment of stocks becomes theoretically acceptable.<br />An alternative approach is “customary (<em>ʿurfī</em>) endowment,” which adopts the term <em>waqf</em> but operates outside strict jurisprudential rulings. A key challenge is reconciling the prohibition against selling endowed property with the primary benefit of stocks – profit through trading. Potential solutions include specific conditions set by the endower (<em>wāqif</em>) at the time of endowment or exceptions when maintaining the stock becomes unprofitable<br /><br /><br /><br /><br />  http://jostar-fiqh.maalem.ir/article_77738_1bce187aba386f1a6138b938a2b492a9.pdf