Ruling on subscribing to the Middle East Specialist Cable company
Question

                What is the ruling on subscribing to the Middle East Specialist Cable company?.
Praise be to Allah.
    The activities of the Middle East Specialist Cable Company 
    are basically permissible, as it produces industrial cables, control cables, 
    cables for use in fire-fighting, fire-resistant cables, information transfer 
    cables, and high tech cables that are used in oil, gas and petrochemical 
    projects, electrical power stations, desalinization plants and other 
    industrial projects. 

    But the accounts of this company show that it deals with 
    riba-based loans, which makes it come under the heading of what are called 
    “mixed companies”, i.e. companies whose activities are basically permissible 
    but they engage in some haraam transactions. 

    Most contemporary scholars have stated that it is haraam to 
    buy shares in these companies. 

    This was stated in a fatwa issued by the Standing Committee 
    for Issuing Fatwas in the Land of the Two Holy Sanctuaries, and also in a 
    statement issued by the Fiqh Council. 

    Shaykh Dr. Muhammad ibn Sa’ood al-‘Usaymi was asked about 
    buying shares in this company, and he said: I have studied the shares 
    prospectus and the accounts of this company which are published in the 
    shares prospectus, and it became clear that this company deals with 
    riba-based loans, even though they have some financing that is based on 
    Islamic muraabahah. 

    As the company has taken out riba-based loans and has 
    withdrawn money openly on the basis of riba, I do not think that it is 
    permissible to buy shares in it. But I am pleased to hear that there is a 
    trend in the company towards Islamic finance, and I pray that Allaah will 
    help them to move in this direction. I advise them to avoid seeking finance 
    from riba-based banks even if it is via so-called muraabahah. There is a 
    great deal of evidence that the way muraabahah is applied by the riba-based 
    banks is contrary to the well known fatwa. May Allaah help us all to do that 
    which He loves and which pleases Him, and grant us a halaal provision and 
    help us to avoid haraam by His grace and bounty. 

    And Allaah knows best. May Allaah send blessings and peace 
    upon our Prophet Muhammad and all his family and companions. End quote. 


    http://www.halal2.com/ftawaDetail.asp?id=18504

    And Allaah knows best.