Analysis, Middle East, Side Feature

As a result of Applying the Secular Capitalist Principle, Joint Stock Companies are Stealing the Money of the Common People of Yemen

On Wednesday, 18 Dhu al-Qi`dah 1444 AH – 07 June 2023, the Public Funds Court in the Capital Municipality issued its ruling in the case of the so-called Sultana Palace Group, where it held 82 accused of defrauding 110,000 people during the period between January 2016 and July 15, 2020 and a later date, through it, they obtained an estimate of 66,314,405,000 riyals. The court ruled to confiscate the portable and importable funds seized pending the case. The Public Funds Prosecutor warned people against dealing with entities under the name of illegal, and unrecognized joint-stock companies, and not to be drawn into, dealing with them and with their fake projects that they promote in which they aim to defraud them and plunder their money and savings unjustly. (Saba News Agency).

This is how the suffering continues as a result of the exclusion of the Islamic regime by overthrowing its state by the traitors of the Arabs, the Turks, and the plotting of the Kaffir West, after which the secular capitalist ideology dominated the world, and people tasted the scourge of successive crises. This principle not only plundered the peoples’ wealth and enslaved them, but also took their money and savings by dragging them into buying shares of joint-stock companies to promise them the distribution of profits. These companies work to take people’s money by fraud, and they are licensed to carry out their activities by governments, because they are not governed by Allah’s Shariah, but rather by the capitalist system that introduced to our Islamic countries types of Western companies that are alien to our Islamic culture and our Sharia heritage.

The so-called Sultana Palace Company has taken advantage of people’s need for a source of income, as war and conflict caused thousands to lose their jobs or get jobs for meager returns, forcing many to sell their assets and savings in order to meet their living needs. The idea of the company relied on the quick and guaranteed profit of those whom it called the shareholders by deluding them that the company works in many and different investment projects inside and outside the country, adopting a fixed percentage for the shareholders, and it promised the shareholders high returns of up to 100% in some cases, and provided them with certificates and documents proving their acquisition of shares. The company was promoting these shares through social media and paid advertisements, and it worked among people through its representatives for more than four years, and kept its remarkable money in banks and exchange companies in full view of government agencies that did not move a finger until some shareholders were upset about the delay in receiving their profits in July. 2017, and the concerned agencies moved after the company’s wealth reached tens of billions. And this is not the only company that works in this way, as other companies appeared, such as Tihama Flavor and Al Hani Honey Company, and all of them caused shareholders to lose most of their money, and decreased their ability to spend and save.

Based on the fact that we are a political party whose ideology is Islam, we should explain the reality of these companies and the ruling on dealing with them:

–      These joint-stock companies are a product of the capitalist principle that separates religion from life. Some people are ignorant of its reality because of the deception practiced by the state through its various tools and the fact that these companies operate in Muslim countries with a license and sponsorship from the existing Qatari countries today. In Yemen, Law No. 22 of 1997 regarding commercial companies and its amendments mentioned in Article 9 legitimate companies, including joint-stock companies.

–      This type of company arose to enable owners of money to control public funds and protect their wealth from creditors and other rights holders in their business if some of them fail. The right holders in it have no claim to the shareholders for anything, and they have nothing but what remains in the company of funds upon its bankruptcy.

–      Capitalist companies are companies of many shapes and forms, but despite their multiplicity, they fall under two types of companies:

Capital companies: for example, joint-stock companies, partnerships limited by shares, and partnerships of persons; also, partnership companies and simple partnership companies.

– These joint-stock companies are among the unacceptable companies according to Sharia and among the transactions that a Muslim is not allowed to carry out.

1-  Partnership in Islam is a contract between two or more people who agree on a financial business with the intent of making a profit, so approval of the partnership must be obtained from both parties. In joint-stock companies, this does not happen, the partners do not know each other, and there is no satisfaction and acceptance between them. The contract in the company must be focused on carrying out financial work with the intention of making a profit, so, it is not right for it to focus on paying money only, but doing financial work is the basis, and this does not happen in joint-stock companies.

2-  The company is a contract to dispose of money and grow the money with it through the development of the property, and the development of the money is one of the legitimate disposals. In joint-stock companies, the partners do not have the right to dispose of, so the person cannot take his money from the company (the value of the shares), and he cannot prevent any unwanted person from buying the company’s shares, as the company is considered a legal entity and this is invalid.

3-  The shareholding company is permanent and this is contrary to Sharia. The company is one of the legally permissible contracts, and it is nullified by the death of one of the partners, his insanity, or his interdiction, or by dissolution on the part of one of the partners. Being permanent makes it a corrupt company.

This statement is for you to realize that these existing countries do not implement Islam, but rather their laws emanate from the French constitution, and that removing the injustice that befell people by taking their money unlawfully is not by trying unlicensed partnerships, but rather by uprooting the capitalist system from its roots because it is a false principle that generates crises, and even its masters in America and Europe were not spared from it, and on top of this and that, its application is sin in this world and torment in the Hereafter. How amazing is when a Muslim who has a comprehensive and complete divine approach to life replaces that which is inferior with that which is better! He lost this world and the Hereafter.

The sad thing is the rush of people to be part of these companies, contribute to them, and even establish them without researching or scrutinizing their nature to see the extent of their agreement or violation of the provisions of the Sharia, in light of the presence of court scholars around the puppet rulers who do not guide people to the path of truth and goodness, but rather fight every honest and loyal person. And they work to make the ummah ignorant through approaches against the Sharia that make the knowledge seeker speak their words and guide them with their guidance in order to keep Muslims away from understanding their religion properly. No matter how wide the permission and promotion of these companies is, the temptations of their profits are great, and their presence is widespread in our country, this does not exempt Muslims from the obligation to know the Sharia ruling on them and dealing with them. It is a way to grow money, yes, but it is a method that is contrary to Sharia, and its profits, even if they are guaranteed, are haram (forbidden). What is the matter with Muslims who turn a blind eye to these facts and indulge in dealing with these false contracts, is it greed for the world and its adornment, or ignorance of the rulings of the true Sharia, or underestimation of the prohibitions of Allah?!

By Allah, it saddens the soul to see these capitalist institutions controlling the commercial and financial markets in Muslim countries in the form of investment companies, banks, and cooperative societies. All of these institutions are joint-stock companies that did not originally form a company, and yet Muslims deal with them naively and ignorantly of their rulings, and that there is no excuse for the ignorant in knowing the provisions of the Sharia. Because the basic principle in the actions of a Muslim is adherence to the rule of the Sharia, and this requires learning the rulings of actions before performing them. This is how the Creator and Al-Muddabir (All-Manager) obligated us, and the Noble Prophet (saw) explained to us and taught us the venerable companions.

O our People in Yemen, O People of Strength and Resilience, O People of Support: We call on you to overthrow this secular capitalist system that America leads, and to work for the establishment of the Islamic state, the Khilafah (Caliphate) state that unites Muslims and implements the great system of Islam in its place in order to save ourselves and all mankind from the scourge of greedy capitalism. We in Hizb ut Tahrir work amongst you and with you, and we have prepared a comprehensive and complete approach, including the economic system, and is detailed and can be referred to.

The West is rallying against the Ummah of Islam and spreading its poison with the help of agents in Muslim lands, so it is necessary for the sincere believers to stand up to support the religion by applying it comprehensively and completely. The final outcome is for the believers, and this is Allah’s Sunnah in His land, and we in Hizb ut Tahrir invite you to work with us to establish the state of Islam that applies in the State and carries a message of guidance and light to the world.

[يَا أَيُّهَا الَّذِينَ آمَنُوا اسْتَجِيبُوا للهِ وَلِلرَّسُولِ إِذَا دَعَاكُمْ لِمَا يُحْيِيكُمْ وَاعْلَمُوا أَنَّ اللهَ يَحُولُ بَيْنَ الْمَرْءِ وَقَلْبِهِ وَأَنَّهُ إِلَيْهِ تُحْشَرُونَ]

“O believers! Respond to Allah and His Messenger when he calls you to that which gives you life. And know that Allah stands between a person and their heart, and that to Him you will all be gathered.” [Al-Anfal 8:24]

Media Office of Hizb ut Tahrir in Wilayah Yemen

Press Release
25 Dhu al-Qi’dah 1444 – Wednesday 14th June 2023
No: HTY 1444 / 26