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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 Friday Ghusl (ritual bath)?

Friday Ghusl is a confirmed Sunna (Prophetic tradition) even if a person wasn`t in a state of Janbah (ritual impurity), or physically unclean. However, one who doesn`t make Ghusl on Friday isn`t sinful for the Prophet (PBUH) said: "It is good for a Muslim to make ablution for Friday prayer, but it is better to make Ghusul. [At-Tirmithi & Abu Dawood].

Is Zakah (obligatory charity) due on leased property, and how is it calculated?

Zakah isn`t due on the leased property itself, but on the saved income from that property if it reached Nissab (minimum amount liable for Zakah), and a whole lunar year had lapsed over saving it.

What should a person who doubted having missed a pillar of prayer do?

All praise be to Allah, The Lord of The Worlds.                                                                                                                                                                              The prayer of one who doubts having missed one of its pillars is valid, and nothing is due on him/her since having a doubt after offering the act of worship doesn`t undermine its validity. And Allah Knows Best.

Who is the one required to slaughter the 'aqīqah?

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
It is Sunnah for the 'aqīqah to be slaughtered by the guardian of the newborn — the one upon whom the child's financial maintenance is obligatory — provided he is financially capable of doing so. 'Alī ibn Abī Ṭālib, may Allah be pleased with him, reported: "The Messenger of Allah ﷺ performed the 'aqīqah for al-Ḥasan with one sheep." — Narrated by al-Tirmidhī. And Allah Almighty knows best.

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