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 the ruling on using an inhaler while fasting?

Using an inhaler through the nose or mouth breaks the fast because the medication in these inhalers is intended to reach the lungs, which are considered part of the body cavity (jauf).
● If a person needs to use it occasionally, they may use it while fasting, continue refraining from food and drink for the rest of the day, and make up for the missed fast later.
● If a person needs to use it daily, they may use it while fasting, continue refraining from food and drink, and pay fidyah (feeding one needy person per missed day).

Zakah due on a woman`s jewelry?

Obligatory Zakah (obligatory charity) isn`t due on a woman`s jewelry used for adornment, provided that the value of each piece is within the range amongst common market price. And Allah Knows Best.

What are the legal and religious consequences for a charitable organization in the event that a sacrificial animal is damaged or spoiled after slaughter?

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
Charitable organizations entrusted with slaughtering sacrificial animals (uḍḥiyyah) and distributing their meat on behalf of their owners are obligated to safeguard the meat from spoilage, damage, theft, and any other harm. This is because such organizations act as agents (wukalā') on behalf of those offering the sacrifice, and an agent holds what is entrusted to them in trust (amānah) — whether they receive a wage for their work or act on a voluntary basis.
If the sacrificial animal is damaged after slaughter during the processes of packaging, transportation, or storage due to negligence or oversight — whether on the part of the organization's own staff overseeing the operation, or on the part of third parties contracted by the organization such as transport or shipping companies — then liability falls upon the negligent party, who is required to compensate for the value of the sacrifice. It is not permissible to cover such compensation from the organization's other donor funds.
However, if the damage to the sacrificial animal occurs without any negligence in its preservation and storage on the part of any party involved in the transportation, shipping, or storage process, and is instead attributable to force majeure circumstances beyond their control, then no financial liability is borne by any party in such a case. And Allah Almighty knows best.

Is it Sunnah to cook the meat of the 'aqīqah?

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
It is Sunnah not to distribute the meat of the 'aqīqah raw. Rather, it is recommended to cook it with something sweet — such as raisins or honey — as a good omen and expression of hope for the sweetness of the newborn's character and conduct throughout their life. And Allah Almighty knows best.