سوال

When we buy shares can we put stop loss option on it before 2 days

اَلجَوَابْ بِاسْمِ مُلْہِمِ الصَّوَابْ

A Stop-Loss order cannot be placed before the two-day (T+2) settlement process is finalized. Under Sharia law, it is impermissible to sell an asset that is not yet in your full possession. Complete Possession (Constructive Possession/Qabdh Hukmi) is only established once the shares are officially transferred to your CDC (Central Depository Company) account on the T+2 day. Before this transfer, the transaction is legally reversible and considered incomplete.

Since a Stop-Loss is a conditional sell instruction, it carries the risk of executing a sale before legal possession is secured, which is Sharia-non-compliant. If such a transaction has already occurred, seeking forgiveness (Istighfar) is necessary; however, the proceeds (payment) from the sale will be considered lawful (Halal).

البناية شرح الهداية(185/8)

قال العلامۃ الرامفوری:" هذا الحديث رواه أصحاب السنن الأربعة إلا ابن ماجة اختصره من حديث عبد الله بن عمر، وابن العاص - رضي الله عنهم - قال : قال رسول الله صلى الله عليه وسلم:"لا يحل سلف وبيع ولا شرطان في بيع ولا ربح ما لم يضمن ولا بيع ما ليس عندك ". وقال الترمذي - رحمه الله - حديث حسن صحيح ورواه محمد بن الحسن الشيباني- رحمه الله - في كتاب الآثار وفسره. وقال: أما السلف… وأما ربح ما لم يضمن فالرجل يشتري الشيء فيبيعه قبل أن يقبضه بربح".

البحر الرائق شرح كنز الدقائق(437/5)

قال العلامۃ ابن نجیم: "وأما الخاصة فمنها معلومية الأجل في البيع بثمن مؤجل ففسد إن كان مجهولاً، ومنها القبض في بيع المشتري المنقول، وفي الدين فبيع الدين قبل قبضه فاسد كالمسلم فيه".

المحيط البرهاني في الفقه النعماني(275/7)

قال العلامۃ برهان الدین:"وإذا عرفت المبيع والثمن فنقول من حكم المبيع إذا كان منفعة أن لا يجوز بيعه قبل القبض، ورد الأثر عن رسول الله عليه الصلاة والسلام، ولأنه تمكن في هذا العقد غرر يمكن التحرز عنه، ونهى رسول الله عليه الصلاة والسلام عن بيع فيه غرر".

1. The Regulatory Mandate (PSX Rulebook)

Source Document: PSX Rulebook (Chapter 10)

Date Accessed: November 27, 2025

Clause 10.5.1(a): "Ready Delivery Contracts in a Book-entry Securities executed during a trading day shall be settled on T+2 Settlement Cycle through NCSS unless NCCPL in coordination with the Exchange decides otherwise in accordance with NCCPL Regulations and NCSS Procedures made thereunder."

Reference Link: PSX Rulebook (June 12, 2024 Version): https://www.psx.com.pk/psx/themes/psx/uploads/PSX-Rulebook-June-12-2024-v1.pdf

2. Section: Ready/Cash Market Trades and Non-Exchange

Date Accessed: November 27, 2025

"Trades and transactions settled by NCSS, under Balance Order Multilateral Netting mechanism with T+2 and T+1 settlement cycle, are of two types…"

Reference Link: NCCPL Clearing & Settlement Services https://www.nccpl.com.pk/clearing-settlement-services

3. Shariah & Procedural Interpretation (PSX Guidelines)

Date Accessed: November 27, 2025

 "In two days’ time, the trade is cleared by NCCPL, and settled by CDC, implying that securities are transferred from the seller’s account to the buyer’s account while the money is transferred from the buyer to the seller.”

Source Document: Guidelines for Shariah-Compliant Investing on PSX

Reference link: Guidelines for Shariah-Compliant Investing on PSX (PDF) https://www.psx.com.pk/psx/themes/psx/uploads/Guidelines_for_Shariah-Compliant_Investing_on_PSX.PDF