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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 ruling on attending relatives` parties held in public halls, or hotels since if we don`t, we will be subjected to their admonition?

If such parties involve mixing between men and women, or forbidden acts such as listening to songs with sinful lyrics, then attending them is forbidden from the view point of Sharia since people`s admonition is nothing compared to Allah`s, The Almighty`s, wrath.

Is it required for a discerning child to make the intention at night if they wish to fast?

If a discerning child wishes to fast during Ramadan, they must make the intention at night because intention is one of the pillars of fasting, even though fasting is not obligatory for them.

Is it permissible for a woman to lead other women in prayer?

Yes, it is permissible for a woman to lead other women in prayer. The most knowledgeable among them in the rulings of prayer should act as the imam. She should stand in the middle of the row, slightly ahead of the others.

Is it permissible for a woman to wear underwear while performing Umrah?

Yes, it is permissible for a woman to wear underwear while performing Umrah. This is because she should keep her regular clothes that cover all her body while being in a state of Ihram (ritual consecration) for Hajj, or Umrah. However, she should uncover her face and hands, but it is permissible for her to let her head-covering garment drape from her head down over her face when non-Mahram (i.e., marriageable) men pass by her. And Allah Knows Best.

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