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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 the amount of food to be given to a needy person for fidyah and kaffarah?

The amount of food to be given to a needy person is 600 grams of wheat or rice.
According to the Hanafi school, it is permissible to give the monetary equivalent instead, and this is the ruling issued by the General Iftaa` Department.

Is Zakah (obligatory charity) due on land intended for selling?

Yes, lands intended for trade are valued, and Zakah is paid according to their estimated value after a lunar year had lapsed, but if the owner didn`t pay the due Zakah, then he should do so after selling them.

Is it permissible to sacrifice imported livestock (Such as Romanian, Australian, etc.)?

 

Praise be to Allah, and peace and blessings be upon our master, the Messenger of Allah.
 
As long as the sheep meets the prescribed Sharia age and is free from disqualifying defects, it is valid for sacrifice regardless of its country of origin. Therefore, it is permissible to offer sacrifices from various sources, such as: Romanian, Australian, Spanish, Indian, Sudanese, local (Baladi) livestock, and others. And Allah the Almighty knows best.

What is the ruling on deliberately breaking the fast while being capable of fasting?

Whoever intentionally breaks their fast in Ramadan without a valid excuse has committed a major sin and bears great guilt. They must repent, seek forgiveness, refrain from eating and drinking for the rest of the day, and make up for that day after Ramadan.
They have lost an immense reward, which cannot be compensated even by fasting an entire lifetime as a voluntary act, because an obligatory fast cannot be equaled by voluntary fasting.
If the fast was broken through sexual intercourse, the person must:
● Make up for the missed fast (qada), and
● Perform kaffarah by fasting two consecutive months.
● If they are unable to do so, they must feed sixty needy people.

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