Employee share options schemes: EMI/CSOP/Growth shares


I would like to know if working as a tax advisor for private companies which want to grant EMI shares or CSOP share plans to their employees is halal.

I am concerned as these these schemes are granted to employees of these companies and are options which give the right to but not obligation to acquire the shares.

Please feel free to ask more questions I have not put enough detail.

Jazakallahu khair


May Allah bless you.
I do not see any issues with sharesave schemes. However, this is provided that the company issuing the shares are from a company considered shariah compliant.
Secondly, if during the saving period, there is an accumulation of interest on the cash saved, then the interest must be given away to charity.

And Allah knows best!


Could you also please clarify the following:

EMI (Enterprise Management Incentive) share OPTIONS:

  • EMI options are granted to employees to incentivise them to stay with the company and help it grow.

I am confused as to whether these EMI OPTIONS come under the same ruling from the Al Qalam link mentioned above.

Apologies for poor explanation.

The fatwa of Al Qalam talks about the sale of the right to buy/sell.
This is in contrast with the sharesave schemes, where the option to buy the stock is not sold to you. It is only an incentive offered to employees.


Asalaamalaykom wa rahamatuallahi wa barakaato,

Eidkom mubarak

I’m on/was the EMI scheme and have recently sold my shares due to my company being acquired, alhamdulilah. I would kindly appreciate if you can point me to the best resources to determine how much I need to give away.

I know there’s no or almost very little debt, some interest due to large cash in accounts and the overall business is halal. I have access to the balance sheets too. But the I’d like to make sure I get it right.

Jazak Allahu Khayr.



There is a guide for purification of the wealth, which you can get access to. See link:

Thanks Shaykh, I had been intending to join that course.

I’ll go through it and see where I get to with it. I think one thing that will confuse me is working out market capitalisation, as my company was private (Ltd). Will this be evident from the financial statements? And will I need this (knowledge of market cap)? as in step 5 of https://www.islamicfinanceguru.com/investment/how-to-screen-for-halal-sharia-compliant-shares/

Jazak Allahu Khayr