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 it permissible to divide one mudd of fidyah between two people?

No, it is not permissible to divide one mudd between two people, because it would not count as a full meal for either of them.

When does the time for Udhiyah begin?

Praise be to Allah, and peace and blessings be upon our master, the Messenger of Allah.
 
The time for Udhiyah (sacrificial offering) begins once the sun has risen on the day of Eid al-Adha—which is the tenth of Dhul-Hijjah—and a period of time has passed equivalent to two brief prayer units (Raka'at) and two brief sermons (Khutbah). It then continues until the sunset of the last of the days of Tashreeq, which are the eleventh, twelfth, and thirteenth of Dhul-Hijjah.
 
The Prophet (peace be upon him) said: "All the mountain passes of Mina are places of sacrifice, and in all the days of Tashreeq there is slaughtering." [Narrated by Al-Bayhaqi and Ibn Hibban].
 
The best time to slaughter is after finishing the Eid prayer, due to the saying of the Prophet (peace be upon him):
 
"Indeed, the first thing we begin with on this day of ours is to pray, then we return and slaughter. Whoever does that has attained our Sunnah, and whoever slaughters before [the prayer], it is only meat he has presented to his family; it is not part of the ritual sacrifice (Nusuk) in any way." [ٌReported by Bukhari & Muslim].
 
It is valid to sacrifice at any time, whether by night or by day; however, it is disliked (Makruh) at night. And Allah the Almighty knows best.

Is Zakah (obligatory charity) due on land intended for selling?

Yes, lands intended for trade are valued, and Zakah is paid according to their estimated value after a lunar year had lapsed, but if the owner didn`t pay the due Zakah, then he should do so after selling them.

What is the virtue of performing ‘Umrah in Ramadan?

Ibn ‘Abbas narrated: "When the Prophet ﷺ returned from his Hajj, he said to Umm Sinan Al-Ansariyyah: ‘What prevented you from performing Hajj?’ She replied: ‘Abu So-and-so (referring to her husband) had two camels—he performed Hajj on one of them, and the other was used to irrigate our land.’ The Prophet ﷺ then said: ‘Performing ‘Umrah in Ramadan is equivalent to Hajj with me.’" [Narrated by Al-Bukhari]
The Prophet ﷺ also said: "An ‘Umrah in Ramadan is equivalent to a Hajj." [Narrated by Al-Tirmidhi]
For those who miss the opportunity to perform ‘Umrah in Ramadan, there are many other ways to earn great rewards. One of them is praying Fajr in congregation, then remaining in the mosque remembering Allah until sunrise, and praying two rak‘ahs.
The Prophet ﷺ said: "Whoever prays Fajr in congregation, then sits remembering Allah until the sun rises, and then prays two rak‘ahs, will receive the reward of a complete Hajj and ‘Umrah—complete, complete, complete." [Narrated by Al-Tirmidhi]