National Shari'a Board - Indonesian Council of Ulama Fatwa No. 66 of 2008 on Shari'a Share-Purchase Rights

This fatwa defines 'shari'a share-purchase rights' (waran) as stock issued by a company that provides rights to holders of stock listed on the Shari'a Stock Listing (Daftar Efek Syariah) to order shares from a public company at a certain price for six months or more from their date of issuance. The fatwa permits a public company to issue shari'a share-purchase rights, and for holders of those rights to sell their rights to another party.  Share-purchase right-holders may only exercise that right if the resulting share can be categorised as shari'a stock.

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