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. 87 (4/9) Investment in Shares and Investment Units

The Council of the International Islamic Fiqh Academy of the Organization of the Islamic Conference, holding its 9th session in Abu Dhabi, United Arab Emirates, on 1–6 Dhū al-Qi’dah 1415h (1–6 April 1995),

Having examined the research papers submitted to the Academy concerning Investment in Shares and Investment Units, highlighting the issue of purchasing companies’ shares whose objective and main activities are permissible, but bor- row or deposit funds on a usurious basis,

Having noted that no resolution has yet been issued on these companies although two seminars have been held on this subject and a preliminary resolu- tion has been issued by the Academy at its seventh session, followed by another resolution at its eighth session,23 to the effect that the Secretariat General of the Academy shall commission further research to issue an appropriate resolution at its next session,

Having conducted discussions on the subject, it became clear that the sub- ject needs in-depth studies to establish regulations for this type of companies which are more common inside as well as outside the Muslim world,

Resolves

First: To postpone the examination of this subject provided further studies shall be carried out to clarify its technical and Shariah-related aspects, so that the Academy may adopt an appropriate following the recommendation of the eighth session.

Second: To draw upon the three research papers on funds and investment bonds to elaborate the statute requested by the Academy resolution no. 30 (5/4).

Indeed, Allāh is the Giver of success.

• Resolutions 63 (1/7) and no. 77 (8/8).