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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

I wish to Pray at the Mosque, but I couldn't because I am a Woman. How can I get such a Reward?

All perfect praise be to Allah The Lord of The Worlds, and may His peace and blessings be upon our Prophet Muhammad and upon all of his family and companions                                                                                                                                                                                                                            Abdullah Ibn Masood (May Allah be Pleased with him) reported that the Prophet (PBUH) said: "Her prayer inside her home is better than its courtyard, and her prayer in her own bedroom is better than inside her home." [Abu Dawood]. Her staying at home, and not going to the mosque in obedience to Allah`s injunctions entails a great reward similar to that bestowed on a man for going to the mosque since the Mercy and Blessings of Allah Prevails. And Allah Knows Best.

Is there zakat on social security savings (retirement benefits)?

If the retirement benefits are received, zakat is due on them for one year. Before receiving them, they are not in the person’s possession to be liable for zakat. And Allah Knows Best.

What should a sick person, who is incapable of fasting, and who didn`t make up for missed fasting days, do?

One who has missed fasting days is obliged to make up for them, but if he/she wasn`t able to because of an incurable disease , or old age, then he/she has to pay a ransom which is feeding a needy person for each of the missed fasting days. And Allah Knows Best.

Is the two Raka's after Friday Prayer an act of Sunna?

Performing Two prostrations after the call of Friday's Athan is an act of Sunna, since Al-Bukhari stated in his Sahih: (The chapter of praying before and after Friday's prayer). This indicates that he mentions Friday's prayer exactly as the Duhr prayer (Afternoon prayer) as regards praying before and after the call of Athan. And Allah Knows Best. 

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