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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

A man cursed Allah, is he allowed to perform prayer without making Ghusl?

All perfect praise be to Allah the Lord of the Worlds. May Allah`s peace and blessings be upon our Prophet Mohammad and upon all his family and companions.
 
Cursing Allah is an act of apostasy and one who commits it must utter the testimonies of faith, make repentance, take back wife; however, it isn`t conditioned that he makes Ghusl (Full body ritual purification) to pray. And Allah The Almighty Knows Best.

I am a doctor, and sometimes I refer patients to the hospital for surgical interventions, and they give me a commission from the fees of the surgeries, even though I do not perform these surgeries. What is the ruling?

All perfect praise be to Allah, The Lord of The Worlds, and may His Peace and Blessings be upon our Prophet Muhammad and upon all of his family and companions.
If this commission is charged to the patient as part of the operation costs, then it is not permissible. Additionally, a doctor should only recommend surgery if there is a genuine medical need, and the hospital should only perform an operation when necessary. And Allah The Almighty Knows Best.
 
 
 
 
 

I missed fasting 30 days of the obligatory fast within the last 6 years and 20 days. How do I fast? And what should I do? 

Missed fasting days must be made up, and it is permissible to make them up on non-consecutive days, as continuity is not required for making up missed fasts. Additionally, expiation (Fidya) must be given: feeding one needy person for each day if the makeup is delayed for one year. If the delay extends to two years, Fidya must be given to two needy people per day, and so on. And Allah Knows Best.
 
 
 
 
 

What is the ruling on taking a loan from an interest-based bank (a usurious bank) to buy an apartment for housing, noting that I am renting at a high amount relative to my income, and I am an employee? Also, considering that the conditions of Islamic banks are strict, and I cannot obtain the full amount from them, is it permissible to take a loan to purchase an apartment or not? May Allah reward you.

 

 

 

 

 

Usury (interest) is prohibited by Islamic law, and the Messenger of Allah, peace be upon him, cursed the one who consumes usury, the one who pays it, its recorder, and its witnesses. Whoever leaves something for the sake of Allah, Allah will compensate them with something better and greater, and Allah will provide relief after hardship. Needing a place to live does not permit taking a loan with interest. And Allah Knows Best.
 
 
 
 
 

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