A Jurisprudential Examination of Khums for Stock Exchange

One of the obligations and ancillaries of the faith in religion of Islam is "Khums" which is Wajib (obligatory) in certain cases. However, there has been no research on the obligation of khums in new issues such as "stock exchange" and this article tries to examine this issue. In order to know the khums ruling on stock exchange, it is necessary to determine the nature of the stock first. Therefore, after examining the various possibilities in the nature of shares, the arguments of the obligation of Khums are re-examined to determine their causes and, as a result, to clarify the ruling of Khums according to each of the possibilities. In general, six possibilities have been proposed regarding the nature of shares, of which only the fifth possibility (novel credit property) is without problems. However, according to various possibilities, if the application of khums arguments is accepted, or if the argument includes credit issues through features cancellation, Khums will be considered for the shares according to all bases. Otherwise, according to the possibility that the shares are a matter of credit, khums will not be considered for the shares of the stock market. Therefore, according to the authority basis, stock exchange has khums.