Is it permissible or impermissible to own shares in Gulf Investment Bank, and is it permissible to purchase them?

Purchasing shares in usurious banks is unlawful (haram) according to Islamic law, and necessity does not justify it. Usury (riba) and dealing with it are among the gravest sins (kabair). The Prophet, peace and blessings be upon him, cursed the one who consumes usury and the one who provides it. Grave sins are not permissible except in cases of dire necessity, where not consuming the forbidden would lead to destruction or near-destruction. Therefore, one must refrain from purchasing these shares and instead seek out permissible (mubah) alternatives.