In the Name of Allāh,
the Entirely Merciful, the Especially Merciful
Praise is due to Allāh, Lord of the worlds, may the blessings and peace be upon our master Muḥammad, the last of prophets, on his family, and all his companions.
Resolution No. 59 (10/6) Financial Markets
The Council of the International Islamic Fiqh Academy of the Organization of the Islamic Conference, holding its 6th session in Jeddah, Kingdom of Saudi Arabia, on 17–23 Shaʿbān 1410h (14–20 March 1990),
Having reviewed the research papers, recommendations, and conclusions of the Financial Markets Seminar held in Rabat, Kingdom of Morocco on 20–24 Rabīʿ al-Akhir 1410 (20–24 October 1989), in collaboration between the Academy and the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IDB), and hosted by the Ministry of Habous and Islamic Affairs of the Kingdom of Morocco,
In light of Shariah principles encouraging lawful earning and investment of wealth and savings through Islamic investments based on the principle of burden-sharing and risks bearing, such risks liability,
Given the important role of the financial markets in mobilizing the economy and stimulating investment activities, and that due importance should be given to these markets and to studying their contemporary problems in the light of Shariah will enable humanity to understand Islamic jurisprudence regarding them, in harmony with the efforts of fiqh scholars to explain Shariah rulings on financial transactions, in particular the principles governing the market and the system of Hisbah (accountability) for the supervision of markets, including giving equal importance to “secondary markets” which may facilitate investors’ return to initial markets and provide a chance to access liquidity, and promote investment by giving investors confidence that they can leave the markets if necessary,
Having examined the research papers submitted in this session concerning systems and laws of the present-day financial markets, their procedures and instruments,
Resolves
First: The Financial markets should be given due importance in order to discharge the obligation of preserving wealth and ensuring its growth, because
it leads to meet the general human needs and discharge the spiritual and mate- rial duties relating to wealth.
Second: Although the original concept of financial markets is sound and its application is very much needed in the present-day context, yet their existing structure does not present an example to carry out the objective of investment and growth of capital within the Islamic framework. This situation requires serious academic efforts to be undertaken in collaboration between the Fiqh scholars and the economists, so that it may be possible to review the financial markets’ existing systems, procedure and instruments and to amend what needs to be amended in accordance with Shariah principles.
Third: The financial markets are established through administrative and pro- cedural systems; therefore, the adoption of these systems can be attributed to the legal maxim of Al-Masalih Al-Mursalah (unrestricted public interests) which is a recognized Shariah principle and does not contravene any of its injections or principles. It therefore relates to the regulations introduced by the State author- ities, in order to organize professions and public services. If such regulations are implemented in full compliance with Shariah principles and injunctions, no one has the right to violate them or to seek ways to circumvent them.
Recommendation
To further examine the instruments and formulas used in financial markets through adequate fiqh and economic studies.12
Indeed, Allāh is All-Knowing.
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Secretary‑General of the Academy Visits the Consulate General of the Hashemite Kingdom of Jordan His Excellency Professor Dr. Qutb Mustafa Sano, Secretary‑General of the Academy, paid an official visit on 29 Sha‘ban 1447 AH, corresponding to 17 February 2026, to the Consulate General of the Hashemite Kingdom of Jordan in Jeddah. His Excellency and his accompanying delegation were received by His Excellency Ambassador Mohammed Salah Sobhi Hameed, Consul General and Permanent Representative of Jordan to the Organization of Islamic Cooperation, who welcomed him warmly and expressed his pleasure at the visit. He praised the distinguished intellectual efforts undertaken by the Academy under His Excellency’s leadership in addressing numerous religious and intellectual issues of concern to the Islamic world, affirming his personal honor in meeting His Excellency again and Jordan’s keenness to strengthen channels of communication and cooperation with the Academy, especially in areas of mutual interest. For his part, His Excellency expressed his deep gratitude and great appreciation to the Ambassador for the warm reception and generous hospitality. He commended the tremendous support, gracious care, and continuous attention the Academy has received from the leadership and people of Jordan since its establishment. He also conveyed his sincere appreciation for the Ambassador’s recent visit to the Academy, affirming the Academy’s full readiness to do everything that would enhance partnership, cooperation, coordination, and communication between the Academy and Jordanian religious and academic institutions. His Excellency was accompanied by Mr. Mohammed Al‑Mundhir Rida Al‑Shawk, Director of the Office and Protocol; Mr. Mohammed Waleed Al‑Idrisi, Director of Media and Public Relations; Ms. Sarah Amjad Badawi, Director of the Department of Family, Women, Children, and the Elderly; and Mr. Amjad Ibrahim Al‑Mansi, Head of the Protocol Section.
