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Resolutions of Iftaa' Board

Resolution No.(37): “Ruling on Murabaha Transactions with a Lower Percentage than that Certified by the Orphans` Fund Development Foundation“

Date Added : 02-11-2015

 

Resolution No.(37): “Ruling on Murabaha Transactions with a Lower Percentage than that Certified by the Orphans` Fund Development Foundation“

Date: 29/2/1417 corresponding to 15/7/1996 AD.

 

The Board has received the following question:

What is the ruling of Sharia as regards the request of the above Foundation`s employees, who demand approving a percentage of Murabaha which is lower than that certified by the Foundation in its Murabaha contracts?

Answer:

All success is due to Allah.

The Board has decided the following:

In principle, the most beneficial for an orphan as regards his property should be sought. The law has granted the ”Orphans` Fund Development Foundation” the right of custody and management of orphans` property in a manner that fulfills their best interest. However, since it is impermissible for a guardian to donate an orphan`s property because it does him/her much harm, and since the highlighted issue is clarifying the Sharia ruling on a lower percentage of Murabaha, which isn`t beneficial to the orphans , and  contradicts what the Quran mentioned in this regard: “ but consume it not wastefully “ {An-Nissa`/6}; therefore, carrying out Murabaha transactions with the employees of the above Foundation for a percentage lower than the certified one isn`t in the best interest of the orphans, and so such an act is impermissible in Sharia for Allah Says in this regard (What means): “They ask thee concerning orphans. Say: "The best thing to do is what is for their good. “ {Al-Baqarah/220}. He also Says (What means): “And come not nigh to the orphan’s property, except to improve it. “ {Al-An`naam/152}. And Allah Knows Best.

 

Chairperson of the Iftaa` Board, Chief Justice Izzaddeen Al-Tamimi

Acting Mufti General, Sheikh Saeid Hijjawi

Mufti General of Jordanian Armed Forces: Mhamood Shwayat

           Dr. Abdassalam Al-Abbadi

  Dr. Umar Al-Ashkaar

          Dr. Mahmoud Al-Bakheet

         Dr. Mahmood Al-Sartawi

          Dr. AbdulAziz Al-Khaiyaa

Dr. Fathi Ad-Draini

     Dr. Abdulfataah Umar

                Sheikh Ibrahim Khash-shaan

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Summarized Fatawaa

I have 490 shares in a commercial company, and they have been held for a year. The price of each share is one dinar, noting that the shares are at a loss. I want to know the amount of zakat due on them?
 
 
 
 
 

Commercial shares are subject to zakat based on their current market value, even if they are at a loss. The zakat rate is 2.5%. And Allah Knows Best.

Is it incumbent on a family to provide for its old handicapped son and take care of him?

The family and relatives - e.g. brothers - of such a person are obliged to spend on him and take care of him if he didn`t have money of his own.

My father placed shares worth twenty dinars in one of the banks, and their value doubled to become five thousand dinars. When my father passed away, one of the scholars told us that it is permissible for us to take the money. What is the ruling on this money, considering that it comes from a bank and involves interest (Riba)?

Allah The Almighty Said (What means): "And if you repent, then for you is the principal of your wealth. You do not wrong, nor are you wronged." [Al-Baqarah/279]. This is the precautionary ruling regarding what you are asking about. You are entitled to the principal amount, and you should give the excess as charity to the poor and needy. If you are poor, you may take from it. And Allah The Almighty Knows Best.

Should vowed fast be offered in consecutive days, or not?

Vowed fast should be offered in line with what was originally intended by the vow-maker, either consecutively, or not.

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