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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

Is it permissible to appoint a proxy for the sacrificial offering outside Jordan?

In the name of Allah; all praise is due to Allah, and peace and blessings be upon the Messenger of Allah.
 
It is permissible to appoint a proxy—whether an individual or a charitable organization—to perform the sacrificial slaughter (Udhiyah) on one’s behalf, even if it is carried out in a country other than that of the donor. This is conditional upon the proxy’s adherence to the established requirements of the Udhiyah, including the animal’s age, its freedom from physical defects, the designated timing of the slaughter, and the proper distribution of the meat.
However, it is preferable for the one offering the sacrifice to perform the slaughter personally, in order to attain the full reward and blessings of the act. And Allah (Exalted be He) knows best.

Which takes precedence: the 'aqīqah or the uḍḥiyyah?

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
The 'aqīqah is an act of worship through which a servant draws closer to Allah the Almighty in gratitude for the blessing of a newborn child. It is a confirmed Sunnah for those who are financially capable, and Allah does not burden any soul beyond what it can bear.
However, the uḍḥiyyah takes precedence, as it is a confirmed Sunnah established from the Prophet ﷺ through stronger and more numerous narrations — indeed, the Ḥanafī scholars hold it to be obligatory. Furthermore, its time is narrow and limited, expiring with the passing of the days of Eid, whereas the 'aqīqah may be delayed until one becomes financially capable of performing it.
And Allah Almighty knows best.

What is the ruling on performing the Istikhara prayer after the Witr paryer?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
The Istikhara prayer (Prayer for seeking guidance) is a Sunnah. It consists of two units (rak’ahs) performed outside of the obligatory prayers, after which the person supplicates with the traditionally narrated du’a. It is permissible to perform it before or after the Witr prayer, as the Istikhara prayer is recommended at all times except during the disliked times—the periods in which prayer is prohibited. This is because its specific reason (the Istikhara and supplication) occurs after the prayer itself, and any prayer with a subsequent reason is not permitted during the prohibited times. It should be noted that the two rak’ahs of Istikhara are not fulfilled by performing only one rak’ah, nor by a prostration of recitation (Sajdat al-Tilawah), nor by a funeral prayer (Janazah). And Allah the Exalted knows best.

What is I‘tikaf, and how is it performed?

I‘tikaf is staying in the mosque with the intention of I‘tikaf. It is fulfilled by remaining in the mosque for a period that qualifies as devotion or seclusion (I‘tikaf). It is recommended (Sunnah) for anyone entering the mosque to intend I‘tikaf as long as they remain inside.

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