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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 fasting?

Fasting in Ramadan is an individual obligation (Fard ‘Ayn) upon every mature, sane Muslim who is capable of fasting.
Fasting can also be recommended (Mustahabb), such as voluntary fasting on Mondays and Thursdays, fasting on the Day of Arafah for those not performing Hajj, and fasting on Ashura.
Fasting can be prohibited (Haram), such as fasting on the two Eid days, the Day of Doubt (Yawm al-Shakk), and the Days of Tashreeq.
Some types of fasting are disliked (Makruh), such as singling out Friday or Saturday for fasting without a specific reason and fasting on the Day of Arafah for a pilgrim.

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]

What is the semi-circular structure attached to the Holy Kabah?

The semi-circular structure attached to the Holy Kabah is Hijr Al-Kabah (is a low wall originally part of the Kabah) and passing behind it is an obligation while making Tawaf because it is a part of the Holy Kabah. And Allah Knows Best.

What is the meaning of the Prophetic statement that a boy is held in pledge (murtahan) for his 'aqīqah?

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
The first interpretation: That if the boy dies in infancy without an 'aqīqah having been performed on his behalf, he will not intercede for his parents on the Day of Resurrection. This is the position of Imam Aḥmad ibn Ḥanbal, and Imam al-Khaṭṭābī concurred with him, stating: "The finest of what has been said regarding this matter is the position adopted by Aḥmad ibn Ḥanbal." — [Fatḥ al-Bārī by Ibn Ḥajar,{Vol.9/P.594]
The second interpretation: That the child is likened to a pledged object (marhūn) — one from which full benefit and enjoyment cannot be derived until it is redeemed. A blessing is only made complete upon the one blessed when they fulfil the obligation of gratitude (shukr), and the prescribed expression of gratitude for this particular blessing is what the Prophet ﷺ established as Sunnah — namely, the slaughtering of the 'aqīqah on behalf of the newborn as an act of thankfulness to Allah the Almighty and as a supplication for the wellbeing and safety of the child. This is the position of Mullā 'Alī al-Qārī. See: [Mirqāt al-Mafātīḥ Sharḥ Mishkāt al-Maṣābīḥ, Vol.7/P.2688]
And Allah Almighty knows best.

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