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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 required of a traveler or a sick person if they broke their fast and then their excuse ceased?

If a traveler settles or a sick person recovers after having broken their fast, it is recommended for them to refrain from eating and drinking for the rest of the day, but it is not obligatory.

Is a woman's prayer performed while following an Imam whose prayer is being broadcasted via the television valid, and does she receive the reward of congregational prayer?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
Among the conditions for the validity of following an Imam (Iqtida’) is that the Imam and the follower must be in the same location. Therefore, the prayer of one who follows an Imam whose prayer is being broadcasted via television from a distant location is not valid. However, if the follower is with the Imam in the same mosque, the prayer is valid. And Allah the Exalted knows best.

What is the virtue of Laylat al-Qadr?

It is enough to know its great status that Allah revealed an entire surah about it—Surah Al-Qadr. Moreover, the Quran was first revealed on this night.
Allah says {what means}:
"We have indeed revealed this (Message) in the Night of Power: And what will explain to thee what the night of power is? The Night of Power is better than a thousand months. Therein come down the angels and the Spirit by Allah's permission, on every errand: Peace!... This until the rise of morn!" [Al-Qadr/1-5]
The Prophet ﷺ taught us to observe I‘tikaf in the last ten nights of Ramadan, seeking Laylat al-Qadr. Whoever worships Allah and revives this night will receive the reward of worshiping for a thousand months—excluding Laylat al-Qadr itself.

What does (Whoever fasts Ramadan with faith and seeking reward) mean?

This phrase is part of a hadith in which the Prophet ﷺ said:
"Whoever fasts Ramadan with faith and seeks his reward from Allah, their past sins will be forgiven." [Agreed upon]
The meaning is:
● They fast Ramadan with firm belief that Allah has made it obligatory.
● They fast out of obedience to Allah, knowing they will meet Him.
● They hope for reward from Allah and fast purely out of their faith while seeking His reward.

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