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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 are the conditions that must be met for the 'aqīqah to be valid?

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
The 'aqīqah is like the recommended uḍḥiyyah in terms of the type of animal, its age, and its required characteristics — since it is a recommended slaughter and therefore resembles the uḍḥiyyah in its rulings.
It is agreed upon without any difference of opinion that the 'aqīqah is not valid with any animal other than livestock (al-na'am — camels, cattle, and sheep). Likewise, an animal with a disqualifying defect — such as obvious illness, lameness, or blindness in one eye — does not suffice, as has previously been explained in the rulings of the uḍḥiyyah. And Allah Almighty knows best.

What is the ruling on fasting for those with diabetes, heart disease, high blood pressure, kidney disease, or ulcers?

● A sick person who is completely unable to fast is exempted from fasting and must offer fidyah (feeding a needy person), as Allah Almighty says {what means}: "and [in such cases] it is incumbent upon those who can afford it to make sacrifice by feeding a needy person." [Al-Baqarah/184]. They are not required to make up for the missed fasts.
● A sick person who can fast on some days but not others should fast when able and make up the missed days after Ramadan when possible. No fidyah is required in this case.
● If fasting during the long, hot summer days is too difficult for a sick person, but they can make up the fasts during the shorter, cooler winter days, they should break their fast and make up for it when they are able, without fidyah.

How many Rak`ahs (unit of prayer) are offered in Witr prayer?

All perfect praise be to Allah, The Lord of The Worlds                                                                                                                                                                  Witr (an odd number prayer performed between Isha`a and Fajr) is offered with a minimum of one Rak`ah, and a maximum of eleven, but offering three Rak`ahs is the minimum of its complete form. And Allah Knows Best.

What should one who doubts the validity of his ablution and performs it frequently do?

Whoever doubts the validity of his ablution after finishing it, his ablution is valid. This is because the default is the validity of the ablution, and because doubt after finishing an act of worship doesn`t affect its validity. And Allah the Almighty knows best.

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