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Resolutions of Iftaa' Board


Resolutions of Iftaa' Board

Resolution No.(68): “Ruling on Investing and trading in Stocks of Public Shareholding Companies“

Date Added : 02-11-2015

 

Resolution No.(68): “Ruling on Investing and trading in Stocks of Public Shareholding Companies“

Date: 5/8/1424 AH corresponding to 1/10/2003 AD.

 

The Board received the following question:

What is the Ruling of Islamic Sharia on investing and trading in stocks of public shareholding companies?

Answer: All success is due to Allah.

After careful study and deliberation, the Board believes that investing and trading in stocks of public shareholding companies, which deal in illegal business such as trading in wine or producing it, is forbidden, and the same ruling applies to similar companies.

As regards companies that deal in lawful business, which was slightly mixed with that which is unlawful such as dealing in usury, investing in them is permissible, provided that the investors remove the usurious amounts from their profits and give them to the poor and needy Muslims. And Allah Knows Best.

Iftaa` Board

Chairman of the Iftaa` Board, Chief Justice, Izz Al-Deen Al-Tamimi

   Dr. Mohammad Abu Yahia     

  Dr. Ahmad Hilayil     

    Sheikh Mahmoud Shwayyaat

Dr. Yousef Gheezaan

Dr. Wasif Al-Bakhri

 Sheikh Saeid Hijjawi

Sheikh Na`eim Mujahid

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Summarized Fatawaa

What is Tarawih prayer?

Tarawih prayer is the night prayer (Qiyam) performed during the month of Ramadan. It is called "Tarawih" because Muslims used to prolong the standing (qiyam) in it and take brief rests after every four rak‘ahs.

What is the ruling on someone who eats or drinks thinking that the night is still present, then realizes that dawn has broken?

Whoever eats or drinks thinking that the night is still present, then later discovers that dawn has broken, must refrain from eating and drinking for the rest of the day out of respect for the sacred month. However, they must make up that day after Ramadan, and there is no sin upon them.

Is it permissible to slaughter a sheep on Eid al-Adha with the intention of charity (sadaqah) on behalf of a sick person, and with the intention of udhiyah (sacrificial animal) at the same time?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
The udhiyah (sacrificial animal) is an act of worship intended for its own sake; therefore, it must be slaughtered with the intention (niyyah) of udhiyah.
 
Whoever intends to draw closer to Allah through this act of obedience with the intention of udhiyah, and also intends to gift the reward to another person, there is no Islamic objection to that. And Allah Almighty knows best.

What is the ruling on delaying Zakat al-Fitr until after Eid day?

It is forbidden to delay Zakat al-Fitr beyond the sunset of Eid day. If someone delays it past Eid day without a valid excuse, they have committed a sin and must immediately make up for it because their obligation remains unfulfilled, and they must clear their responsibility.

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