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

How is night prayer offered?

Night prayer is offering voluntary prayer after Maghrib and before Fajr (Dawn). As for Tahajjud, it is offering voluntary prayer at night after waking up voluntarily, and for Allah`s sake as He Says (What means): "And pray in the small watches of the morning: (it would be) an additional prayer (or spiritual profit) for thee: soon will thy Lord raise thee to a Station of Praise and Glory!" [Al-Isra`/79]. Offering Tahajjud is better than offering voluntary prayer before going to bed.

I vowed to give a specific charity if a certain matter came to pass — what is the ruling on giving that charity before the matter is realised?

All praise is due to Allah, and peace and blessings be upon our master the Messenger of Allah ﷺ.
Fulfilling a vow (nadhr) is obligatory, in accordance with the word of Allah the Almighty: "And let them fulfil their vows." [Al-Ḥajj/ 29] And the saying of our master the Messenger of Allah ﷺ: "Whoever vows to obey Allah, let him obey Him; and whoever vows to disobey Him, let him not disobey Him." (Reported by al-Bukhārī.)
The Shāfiʿī scholars distinguished between a financial vow (nadhr mālī) and a bodily vow (nadhr badanī). They permitted the fulfilment of a financial vow to be brought forward — before the stipulated condition is met — but did not permit the same for a bodily vow, which may only be fulfilled after the condition has actually been realised.
Shaykh al-Islām Imām Zakariyyā al-Anṣārī, may Allah have mercy upon him, states: "It is permissible to bring forward the fulfilment of a financial vow before the condition stipulated in it is met — such as saying: 'If I am healed, I vow to free a slave' or 'to give such-and-such in charity' — just as it is permissible to pay zakāh in advance. This is unlike a bodily vow, such as fasting." [Asnā al-Maṭālib, vol. 4/P.246]
Imām al-Bājūrī, may Allah have mercy upon him, states: "Like expiation other than fasting, a financial vow — such as saying: 'If Allah heals my sick one, I vow to free a slave for the sake of Allah,' or 'If Allah heals my sick one, I vow to free a slave on the Friday following the recovery' — it is permissible to bring it forward before the recovery in the first case, and before the Friday following the recovery in the second case." [Ḥāshiyat al-Bājūrī ʿalā Sharḥ Ibn Qāsim, Vol.2/P.596] And Allah the Almighty knows best.

What is the meaning of the Prophetic statement that a boy is held in pledge (murtahan) for his 'aqīqah?

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
The first interpretation: That if the boy dies in infancy without an 'aqīqah having been performed on his behalf, he will not intercede for his parents on the Day of Resurrection. This is the position of Imam Aḥmad ibn Ḥanbal, and Imam al-Khaṭṭābī concurred with him, stating: "The finest of what has been said regarding this matter is the position adopted by Aḥmad ibn Ḥanbal." — [Fatḥ al-Bārī by Ibn Ḥajar,{Vol.9/P.594]
The second interpretation: That the child is likened to a pledged object (marhūn) — one from which full benefit and enjoyment cannot be derived until it is redeemed. A blessing is only made complete upon the one blessed when they fulfil the obligation of gratitude (shukr), and the prescribed expression of gratitude for this particular blessing is what the Prophet ﷺ established as Sunnah — namely, the slaughtering of the 'aqīqah on behalf of the newborn as an act of thankfulness to Allah the Almighty and as a supplication for the wellbeing and safety of the child. This is the position of Mullā 'Alī al-Qārī. See: [Mirqāt al-Mafātīḥ Sharḥ Mishkāt al-Maṣābīḥ, Vol.7/P.2688]
And Allah Almighty knows best.

I have a brother who is harsh in his dealings [with me], and many problems have occurred between us, and I do not intend to reconcile with him. What is the ruling of Islamic Law on that?

All praise is due to Allah, and peace and blessings be upon our master, the Messenger of Allah.
It is not permissible for a Muslim to abandon or boycott his fellow Muslim brother for more than three days. This is based on the saying of the Messenger of Allah, peace and blessings be upon him: "It is not lawful for a Muslim to forsake his brother for more than three [days], meeting each other but one turns away and the other turns away, and the better of the two is the one who initiates the greeting (salam)." (Reported by al-Bukhari.)
A Muslim must strive to end such estrangement (hajr), so as not to fall under the prohibition mentioned in the hadith. If he takes the initiative to reconcile but the other party does not respond, then there is no sin upon him. We remind [ourselves] of the saying of Allah, the Exalted: "And let them pardon and overlook. Do you not wish that Allah should forgive you? And Allah is Forgiving and Merciful." (An-Nur/22). And Allah, the Exalted, knows best.