Resolutions of Iftaa' Board



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 should a person who doubted having missed a pillar of prayer do?

All praise be to Allah, The Lord of The Worlds.                                                                                                                                                                              The prayer of one who doubts having missed one of its pillars is valid, and nothing is due on him/her since having a doubt after offering the act of worship doesn`t undermine its validity. And Allah Knows Best.

What are the Sunnahs and etiquettes recommended for the person offering the Udhiyah?

Praise be to Allah, and peace and blessings be upon our master, the Messenger of Allah.
 
There are several Sunnahs and etiquettes that are recommended for the person offering the Udhiyah (sacrifice) to observe, including:
 
1-It is Sunnah for the one intending to sacrifice to refrain from removing any hair or nails once the first ten days of Dhul-Hijjah begin. The Prophet (peace be upon him) said: "When the ten days [of Dhul-Hijjah] begin and one of you intends to offer a sacrifice, let him not touch [remove] any of his hair or skin." [Narrated by Muslim]. If someone does remove any hair or nails, they have not committed a sin, and their sacrifice remains valid.
 
2-It is recommended for the person offering the sacrifice to slaughter the animal themselves. If they are unable to do so, they should witness the slaughter. The Messenger of Allah (peace be upon him) said to Fatimah (may Allah be pleased with her): "Stand and witness your sacrifice, for indeed, with its first drop of blood, your [previous sins] are forgiven." [Narrated by Al-Bayhaqi and Al-Tabarani; it is classified as a weak (da'if) hadith].
 
3-The animal should be positioned to face the Qiblah at the time of slaughter, as the Qiblah is the most noble of directions.
 
4-The slaughterer should say: "Bismillah ar-Rahman ar-Rahim" (In the name of Allah, the Entirely Merciful, the Especially Merciful). Even if one forgets to say it, the sacrifice is still permissible to eat. Allah (Blessed and Exalted be He) says: "So eat of that [meat] upon which the name of Allah has been mentioned" [Al-An'am: 118]. It is also recommended to send blessings upon the Messenger of Allah (peace be upon him) and to say "Allahu Akbar" (Allah is the Greatest) after the Tasmiyah.
 
5-The slaughterer should pray for the sacrifice to be accepted by saying: "O Allah, this is from You and for You, so please accept it from me." (Allahumma hadhihi minka wa ilayka, fataqabbal minni). And Allah the Almighty knows best.

What is the ruling on performing ablution (wudu') and ritual bathing (ghusl) with Zamzam water?

It is permissible to perform ablution and ritual bathing with Zamzam water. However, scholars disliked using it for cleaning after relieving oneself (istinja'). And Allah the Almighty knows best.

Which hour coincides with the last third of the night?

This hour could be figured out by calculating the number of night hours which start at sunset, and end at dawn break, then the total is divided on three to get the result.