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

Is the one who gives up on marriage because he can`t afford it considered sinful?

Marriage is desirable, but one who can`t afford it isn`t considered sinful. However, he should supplicate to Allah, and seek His forgiveness.

What is the ruling on selling sacrificial animals (udhiyah) described with specific attributes and authorizing an agent to slaughter them?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
Selling sacrificial animals (udhiyah) that are described with specific attributes is permissible. This falls under the category of a salam sale (forward sale) if conducted using the terminology of salam, and under the category of a regular sale if not using the terminology of salam.
 
As for authorizing the seller to slaughter the sacrificial animal, the basic principle is that it is permissible, because the agent (wakil) stands in the place of the principal (muwakkil) in achieving his objective. This is a contract that the principal (the buyer) is entitled to perform himself, so authorizing another (the seller) to do so on his behalf is valid.
 
However, it is a condition for authorization to slaughter that the intention (niyyah) is present either at the time of slaughter or at the time of handing over the sacrificial animal to the agent. The basic principle is that the sacrificial animal must be specifically designated, as it is an act of worship. It is not required to designate it at the time of slaughter; rather, it is valid to do so before that.
 
It is permissible for the principal either to delegate the intention to the agent or to formulate it himself when authorizing the agent to slaughter. However, the sacrificial animal must be designated, even if at the time of slaughter, by the agent.
 
It is obligatory to designate the sacrificial animals so that each person offering a sacrifice receives his own specific animal. Therefore, charitable organizations and companies must take this into consideration and establish a specific mechanism that ensures no mixing of sacrificial animals occurs, so that each person offering a sacrifice receives his own designated animal. And Allah Almighty knows best.

What is the ruling on the ablution of one who touches his wife without a barrier?

In the Shafi'i school, a man's ablution is invalidated by touching his wife if their skins meet (in any place) without a barrier, whether the touch is intentional or accidental. An exception to this is touching hair, teeth, or nails; these do not invalidate ablution. And Allah the Almighty knows best.

What is the best manner in distributing the meat of the Aqeeqah?

It is better to divide all of it as cooked meat amongst the poor and the needy. Dividing it into three portions is a Sunnah, but it is permissible to keep all of it provided that a portion, even a small one, is given to the poor and needy (one kilo for example).