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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

How to pay Zakah (obligatory charity) due on articles of merchandise?

Articles of merchandise are estimated by their whole sale market price at the end of each lunar year, and (2.5%) of their value is paid as Zakah whether it (value) went up, or down compared to actual purchasing price, and whether the increase (profit) was in the article itself such as an increase in the animal`s weight, or in the prices themselves. And Allah Knows Best.

Can a woman perform I‘tikaf in her home?

No, a woman's I‘tikaf is not valid if performed at home, because her home is not a mosque.

Is it permissible to delay the ritual purification (ghusl) from major impurity (janabah) until after dawn?

Yes, it is permissible to delay ghusl from janabah until after dawn, as purity from janabah is not a condition for the validity of fasting. However, one must perform ghusl in time to pray Fajr within its designated time.

What should someone do if they fasted for 30 days in their country, then traveled to a place where people are still fasting?

If a person completes 30 days of fasting in their country and then travels to another country where people are still fasting, they should continue fasting with them until they observe Eid. Even if they have already completed 30 days, he/she should abstain from eating and drinking and join the people of that country because he/she has now become part of that community.

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