Waqf Shares in Joint Stock Companies a Comparative Study in Islamic Sharia and Positive Law

waqf, which some Islamic jurists have permitted without restriction, while others have imposed specific conditions. The Iraqi legislator has not addressed the endowment of shares in joint-stock companies in the current Companies Law No. 21 of 1997, nor is it mentioned in Iraqi legislation related to waqf. In contrast, certain Islamic countries have incorporated provisions for such cases within their waqf laws. This legislative silence in Iraq has led to a reluctance among investors and shareholders to endow their shares, either partially or entirely. Assuming that the Iraqi Companies Law permits shareholders, under certain conditions, to dispose of their shares (whether through sale, donation, or otherwise), this would logically include the ability to endow them. However, several legal challenges arise most notably the requirement that a valid waqf be perpetual, whereas joint-stock companies may be dissolved or liquidated. This raises important questions about the legal status of such endowments and whether they fall under the category of interrupted waqf (waqf munqatiʿ), a concept discussed particularly by Imami jurists.