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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

Which is better during the day in Ramadan: reciting the Quran or performing voluntary prayers?

A Muslim should establish a daily schedule for reciting the Quran in Ramadan.
Once they have completed their daily portion (known as a wird or hizb), they can engage in other acts of worship, including voluntary prayers (nawafil). Prayer itself is called "Quran", because a significant part of it involves reciting the Quran.
Allah says: "BE CONSTANT in [thy] prayer from the time when the sun has passed its zenith till the darkness of night, and [be ever mindful of its] recitation at dawn: for, behold, the recitation [of prayer] at dawn is indeed witnessed [by all that is holy]." [Al-Isra`/78]

Is it permissible to pay the expiation of an oath to a charitable party as it feeds the poor and needy such as Tkiyet Um Ali?

There is no harm on authorizing someone to handle the expiation of another to the poor and needy, since Shafiee's jurists stated that authorizing someone for the purpose of distributing Zakah, expiation and vow is permissible as stated in [Mughni Al-Muhtajj,vol.3/pp.237]. At last, the intention of the person who intends to authorize someone else suffices in this regard. And Allah Knows Best.

What is the ruling on performing dry ablution (tayammum) instead of the ritual bath due to severe cold?

Whoever is sick such that he cannot use water, or finds the water cold and heating it is not possible, and the person would be harmed by using cold water, it is permissible for him to perform tayammum. He must make up what he prayed with tayammum, because this is a place where there is water. And Allah the Almighty knows best.

Is it obligatory to have an intention (niyyah) for every prayer?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
It is obligatory for the worshiper to have a specific intention (Niyyah) for every prayer, meaning they must consciously intend the act of worship they are performing. The intention is a pillar (Rukn) of the prayer, and the prayer is not valid without it. It is not a requirement to utter the intention verbally; rather, doing so is considered a recommended Sunnah. And Allah the Exalted knows best.

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