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. 60 (11/6) Bonds
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,
Having considered that a bond is a certificate by which its issuer under- takes the liability of paying its nominal value to the bearer on its maturity along with an agreed-upon interest relating to its value or to a predetermined profit, either in lumpsum or as a discount or in the form of prizes to be distributed on the basis of ballot,
Resolves
First: The bonds which represent a commitment to pay its amount along with an interest related to its nominal value or to a predetermined profit are prohibited in Shariah. Their issues, their purchase and their trading, all are pro- hibited because they are interest-bearing loans, no matter whether their issuing authority belongs to the private sector or is a State-affiliated public entity. The alteration in the nomenclature, such as calling the bonds “certificate” or “in- vestment securities” or “saving certificates” or calling the interest as “profit” or “income” or “service charge” or “commission” have no effect on the aforemen- tioned ruling.
Second: The “zero coupon bonds” are also prohibited because they are loans sold at a price inferior to their nominal value, and the owners of such bonds benefit from the difference in their prices which is considered a discount on the bonds.
Third: Similarly, the “prize bonds” are also prohibited because they are loans
in which a liability to pay a predetermined profit or an additional amount is undertaken in favor of their bearers as a whole, or in favor of an undermined number of persons out of them. Moreover, these bonds have a resemblance with gambling (qimār).
Fourth: The usury-based bonds, which are prohibited, can be substituted by the bonds and certificates issued on the basis of a contract of Muḍārabah (profit and loss sharing) meant for a particular project or a particular enterprise or company, wherein no predetermined profit or interest shall be paid to the bearers, but they shall be entitled to get a proportionate share in the profit of the project in relation to the proportion of their respective investments. This profit cannot be given to them unless it has been effectively accrued.
A scheme of the Muḍārabah certificate has already been approved by the Academy in resolution no. 30 (5/4) issued at its fourth session, concerning Muqāraḍah Bonds.13
Indeed, Allāh is All-Knowing.
Resolution no. 30 (5/4).
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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.
