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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

Is Zakah due on a woman`s deposited gold?

Zakah (obligatory charity) is due on deposited gold if it reached Nissab (minimum amount liable for Zakah), and a lunar year had lapsed over owning it. The due Zakah is (2.5%). And Allah Knows Best.

Should one fulfill his vow of donating an animal to the poor and needy with one sheep although he had repeated the vow several times?

Each vow has to be fulfilled, and repeating the words of the same vow for confirmation renders its fulfillment obligatory as one vow. As for multiple vows, they have to be fulfilled as well.

Is the prayer of someone who didn`t face Quibla (Ka`ba direction) valid?

All perfect praise be to Allah,The Lord of The Worlds.                                                                                                                                                              Facing the Quibla is a condition for the validity of prayer, and the prayer of the person who hadn`t faced the direction of the Quibla is invalid, and he is obliged to repeat it. And Allah Knows Best.

I have vowed that if Allah gave me what I wanted so bad, I would fast every Monday and Thursday to the rest of my life; unless there is a valid excuse hindering me from doing so. Fortunately, Allah gave me what I wanted, so I started fasting Mondays and Thursdays; however, I stopped out of laziness. What is the Sharia ruling on this?

All perfect praise be to Allah the Lord of the Worlds. May Allah`s peace and blessings be upon our Prophet Mohammad and upon all his family and companions.
Allah The Almighty described the righteous people of Jannah where He Said (What means): "They perform (their) vows, and they fear a Day whose evil flies far and wide." [Al-Insan/7]. Accordingly, you must do your best to fulfill your vow. However, if you are unable to do so, then feed a poor person for every missed day of fast (About half a JD), and if you are unable to do that, then offer expiation for breaking a vow, which is feeding ten poor Muslims (About half a JD for each), ask Allah for forgiveness and increase remembrance of Him. And Allah The Almighty Knows Best.
 

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