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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 (obligatory charity) due on leased property, and how is it calculated?

Zakah isn`t due on the leased property itself, but on the saved income from that property if it reached Nissab (minimum amount liable for Zakah), and a whole lunar year had lapsed over saving it.

Is it permissible to consume the meat of a sacrifice (Dhabihah) offered as an act of devotion to Allah, seeking His protection for my family?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
It is permissible to eat from this sacrifice, and the reward [for it] is according to what is given to the poor. And Allah the Exalted knows best.

What is the ruling on the ablution of one who washes his arms from the wrist to the elbows?

In the school of Imam al-Shafi'i (may Allah have mercy on him), washing the arms (hands) is achieved by washing the arms completely, from the fingertips to the elbows. Washing only the palms at the beginning is insufficient, as washing them at the beginning is a Sunnah, but after washing the face, it becomes obligatory (fard). The person performing ablution must wash his palms along with the arms after washing the face. If he does not wash his palms, his ablution is invalid and not correct. And Allah the Almighty knows best.

What is the ruling on one who slept while firmly seated on the ground, regarding nullification of ablution?

The default ruling regarding sleep is that it nullifies ablution. An exception to this is one who slept while firmly seated on the ground; his ablution is not nullified by sleep if he wakes up while still firmly seated on the ground. And Allah the Almighty knows best.

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