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Resolutions of Iftaa' Board


Resolutions of Iftaa' Board

Date Added : 29-10-2015

 

Resolution No.(176)(8/2012) by the Board of Iftaa`, Research and Islamic Studies:

"Ruling on Murabaha Sale where the Purchaser is Authorized to Conclude the Contract, or to Collect the Commodity in Question"

Date: (8/8/1433 A.H) (28/6/2012 A.D).

 

All praise is due to Allah, peace and blessings be upon Prophet Mohammad and upon his family and companions.

The Board of Iftaa`, Research and Islamic Studies reviewed, in its fourth session held on Monday (8/8/1433 A.H)-(28/6/2012 A.D), the following question:

What is the ruling on a financial institution, which deals in Murabaha, authorizing the purchaser to purchase the commodity and possess it?

After careful study and deliberation, the Board decided what follows:

Islamic banks are in the vanguard of financial procession due to their success at times of crises and economic challenges. They have proven that the Islamic Economy is the soundest and most productive means of development and stability, and that its foundations secure the equilibrium between the benefit of the individual and the interest of the community.

In its bid to set this procession straight, and cleanse it from doubtful matters (lawful or unlawful) and trickery, the Board has decided to ban authorizing the purchaser, or his deputy from purchasing in-kind commodities and collecting them on behalf of the institution dealing in Murabaha in order to prohibit usurious borrowing  and employing trickery to legalize it. This is also because the outcome of deputizing is a factor in resembling the usurious loans, thus the transaction takes the form of cash for cash, but with an extra amount added to the original one (Usury/interest). This particularly happens when the deputizing process becomes a regular pattern adopted by Islamic Murabaha Institutions, thus we fear that these would lose  the essence of true trading which differentiates them from the usurious  banks.

The Board advises the various Islamic financial institutions to direct their employees to purchase commodities and collect them on behalf of these institutions, and to abide by the Murabaha system ratified by the Fiqh Assemblies and Islamic bodies, so as to purify the transaction from flaws and doubtful matters as well as maintain the accomplishments of Islamic banking that have been achieved recently. And Allah Knows Best.

 

Chairman of the General Iftaa` Board, His grace the Mufti General of the Hashemite Kingdom of Jordan, Sheikh Abdulkareem Al-Khasawneh

Sheikh Sa`ied Hijjawi/ Member

Prof. Abdulsalam Al-Abbadi/ Member

Prof. Mohammad Al-Khwdah/Member

Prof. Abdul N`nassir Abu-Al-bas`sal/Member

Dr.Yahia Al-Boutoosh/Member

Dr. Wasif Al-Bakhri/ Member

Dr. Mohammad Al-Khalayleh/ Member

Dr. Mohammad Az`zoubi/ Member

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Summarized Fatawaa

Who is “the poor” that is entitled to receive Zakah(obligatory charity)?

The poor is the one who has neither money nor a source of living, or has either of them, but it isn`t sufficient such as being in need for a hundred JDs, and having an income of forty JDs only.

What is the ruling on a person who isn`t able to fast due to old age, or an incurable disease ?

Paying the ransom is due on such a person, and that is giving a Mod(600 grams) of wheat, or rice, or the price of that amount to a needy Muslim for each missed fasting day.

Am I permitted to perform more than one prayer within single ablution?

You are permitted to pray as many as you could within one ablution and to recite Quran so long as your ablution isn't nullified.

What should a woman who delayed making up for missed fast, due to menstruation, till the start of the next Ramadhaan ?

Whosoever broke fasting in Ramadhaan, and was able to make up for it, but didn`t until the next Ramadhaan started, is obliged to make up for the missed days, and to pay the ransom as well. However, if he/she wasn`t able to before next Ramadhaan due to an excuse, then he/she should only make up for the missed days .

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