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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 someone who prays but does not fast, without a valid excuse?

Fasting is one of the pillars of Islam, and a Muslim's faith is incomplete if they neglect the obligation of fasting while being physically capable of observing it.

Is Zakah (obligatory charity) due on land intended for selling?

Yes, lands intended for trade are valued, and Zakah is paid according to their estimated value after a lunar year had lapsed, but if the owner didn`t pay the due Zakah, then he should do so after selling them.

When does the time for the Fajr prayer begin?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
The time for the Fajr prayer begins once the Mu’adhin starts the second Adhan (Al-Adhan al-Thani), and not after the first Adhan. And Allah the Exalted knows best.

Is it permissible to divide one mudd of fidyah between two people?

No, it is not permissible to divide one mudd between two people, because it would not count as a full meal for either of them.

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