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Resolutions of Iftaa' Board

Resolution No.(43): "Ruling on the Amendments of the Islamic International Arab Bank`s Certificate of Incorporation and Statute"

Date Added : 07-12-2015

 

Resolution No.(43): "Ruling on the Amendments of the Islamic International Arab Bank`s Articles of Association and Statute Regualtions"

Date: 25/7/1420 AH, corresponding to 13/11/1999

We have received the following question:

Do the certificate of incorporation and the statute of the Islamic International Arab bank comply with the rulings of Islamic Sharia?

All perfect praise be to Allah, The Lord of The Worlds; and may His blessings and peace be upon our Prophet Mohammad and upon all his family and companions.

Answer: The Board has decided to approve the amendments indicated in the above letter, and which comply with the rulings of Islamic Sharia, provided that paragraph (D) of article (28) is rewritten to read as follows:

Paragraph (D) The other precautions:

Any percentage of the profits based on the suggestion of the administrative board and the approval of the general authority in favor of any other precautions, regardless of their name or purpose, in the best interest of the company and its course of business, provided that this deduction is made after that of the income tax. And Allah Knows Best.

Chairman of the Iftaa` Board, Chief Justice, The Grand Mufti, Sheikh Izuldeen At-tamimi

Sheikh Sa`eid Al-Hijjawi

Dr. Yousef Ali Ghyzaan

   Dr. Mahmoud Al-Bakheet

   Dr. Abdulsalam Al-Abbadi

Sheikh Sa`eid Shewayat

                     Executive Secretary of the Iftaa` Board, Na`eim Mujahid

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Summarized Fatawaa

Ruling on combining prayers in a marketplace due to heavy rain, knowing that some people performing prayers are customers?

If returning to perform the Asr or Isha prayers causes difficulty for the people, it is permissible. Please contact us. And Allah Knows Best.
 
 
 
 
 

Should a woman who broke her fast because of delivery make up for missed fasting days before the next Ramadhaan, and what is the expiation due on her in case she delayed making up for them ?

She should make up for missed fasting days before the start of next Ramadan if possible, but if she didn`t while being able to, then she is obliged to make up for them along with feeding a needy person for each delayed day of the missed fasting days. However, if she wasn`t able to make up for the missed fasting days before the start of next Ramadan, she has to fast a day for every day that she missed, and no ransom is due on her. And Allah Knows Best.

Is it permissible to offer prayer at home, or should it be offered in the mosque?

All perfect praise be to Allah, The Lord of The Worlds.                                                                                                                                                                      It isn`t preferable for the man to pray at home as praying in the mosque is twenty seven times more rewarding. Therefore, this should motivate him to offer prayers in the mosque. And Allah Knows Best.

What is the ruling on the financial leasing transaction in commercial bank?

Any transation that is involved in the unlawful is impermissible. And Allah Knows Best.

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