Jurisprudential Considerations of Stock Endowment and Its Implementation in the Capital Market

Document Type : Research (Normal Review)

Authors

1 Howzeh qom

2 Howzeh

Abstract

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 (waqf) 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 (ʿayn), capable of preservation while allowing benefit, and prohibited from sale. This necessitates a jurisprudential examination of stock endowment and its implementation in capital markets.
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 ʿayn to include credit properties, religious (sharʿī) endowment of stocks becomes theoretically acceptable.
An alternative approach is “customary (ʿurfī) endowment,” which adopts the term waqf 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 (wāqif) at the time of endowment or exceptions when maintaining the stock becomes unprofitable




 

Keywords

Main Subjects

Article Title [العربیة]

ملاحظات فقهیة فی وقف الأسهم وتطبیقها فی السوق المالیة

Abstract [العربیة]

مع توسع المجتمعات البشریة والتقدم الاقتصادی الذی أدى إلى ظهور أسواق وأدوات مالیة جدیدة وأصول ناشئة مثل النقود، الأسهم، والعملات الرقمیة، ومع وجود المشاکل فی الأوقاف التقلیدیة السابقة کوقف العقارات والأراضی والمبانی، ظهرت الیوم إمکانیات جدیدة لتحقیق الوقف.

إحدى هذه الإمکانیات هی وقف أسهم الشرکات المساهمة. ولکن نظراً لأن الفقه الإسلامی یشترط لتحقق الوقف الشرعی شروطاً وأحکاماً خاصة، مثل کون الموقوف عیناً، وقابلیته للبقاء مع إمکانیة الانتفاع منه، وعدم جواز بیع المال الموقوف، فمن الضروری دراسة إمکانیة وقف الأسهم من الناحیة الفقهیة، ومراجعة الملاحظات الشرعیة لتطبیقها فی السوق المالیة.

تناول البحث احتمالات متعددة بشأن طبیعة السهم. وبعد تحلیلها، یمکن استنتاج أن السهم هو مال اعتباری یمثل "حصّة معینة من رأس المال الاعتباری الثانوی للشرکة".

من جهة أخرى، من خلال إعادة تعریف الوقف على أنه "تحبیس ما یبقى وتجویز الانتفاع"، وأیضاً من خلال إعادة النظر فی شروط مثل کون المال الموقوف عیناً - سواء بالمناقشة فی أدلتها، أو بتقدیم تفسیر موسّع لمفهوم "العین" لیشمل الأموال الاعتباریة أیضاً - یمکن اعتبار وقف الأسهم شرعیاً مقبولاً. کما تجدر الإشارة إلى وجود حل آخر لوقف الأسهم یمکن تسمیته "الوقف العرفی"؛ هذا الوقف، بالرغم من حمله لاسم "الوقف"، إلا أن الأحکام الخاصة بالوقف الشرعی لا تنطبق علیه.

من أهم المنافع المتحصلة من الأسهم هو کسب الأرباح من خلال شرائها وبیعها؛ لکن هذا الأمر یواجه مشکلة منع بیع المال الموقوف فیما یخص الأسهم الموقوفة. ومع ذلک، یمکن رفع هذا الإشکال من خلال حلول مثل إدراج شرط عند الوقف من قبل الواقف، أو زوال قابلیة الانتفاع، أو أن یکون بیع المال الموقوف أکثر نفعاً أی أنفع.

Keywords [العربیة]

  • وقف الأسهم
  • السوق المالیة
  • أسهم موقوفة
  • رأس المال الثانوی
  • المال الاعتباری

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Journal of Islamic Law and Jurisprudence
Volume 11, Issue 1 - Serial Number 38
Articles
June 2025
Pages 125-157

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