under Sharia, provided that this percentage has been set at a reasonable level.

10 – Issuing shares with a premium or a discount:
It is permissible to issue new shares in order to increase the company’s capital, provided that they are offered either at the true value of the existing shares—as determined by expert appraisal of the company’s assets—or at the prevailing market price.

11 – A company’s undertaking to repurchase its own shares:
The Council resolved to postpone issuing a ruling on this matter until a subsequent session, to allow for further research and study.

12 – Limiting the liability of a joint-stock company:
There is no objection, in Sharia, to establishing a joint-stock company whose liability is limited to its capital, since this limitation is known to all who deal with the company and therefore eliminates any element of uncertainty. Nor is there any objection to some shareholders bearing unlimited liability toward creditors without receiving compensation for that commitment; such arrangements exist in companies that include both general partners and limited-liability partners.

13 – Restricting share trading to licensed brokers and imposing market fees:
Competent governmental authorities may require that certain shares be traded exclusively through brokers who hold a specific license, for this is a regulatory measure that secures legitimate interests. They may likewise levy membership fees applicable in financial markets, as these are organizational provisions aimed at achieving lawful benefits.

14 – Pre-emptive right:
The Council decided to defer consideration of this issue to a forthcoming session, for further