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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 considered a woman`s Awrah (parts of the body that must be concealed during prayer) while offering prayer, and is her foot part of it?

A woman`s whole body is considered an Awrah while offering prayer except the hands and the face. Thus, her foot is an Awrah as well. And Allah Knows Best.

Is it obligatory to have the intention for each day of fasting, or is one intention sufficient for the whole month?

The intention is obligatory for each day of Ramadan because each day is an independent act of worship separate from the others.
The intention must be made at night before the break of dawn, as the Prophetﷺ said: "Whoever does not intend fasting at night, there is no fast for him." [An-Nasa’i] 
And he also said: "Whoever does not firmly resolve to fast before dawn, there is no fast for him." [At-Tirmidhi, Abu Dawood, and An-Nasa’i]
Whoever wakes up and eats Suhoor while mindful of fasting has made the intention. Likewise, one who firmly intends at any moment during the night to fast the next day has also fulfilled the intention.

What are the nullifiers of fasting?

1. Anything that enters the body cavity intentionally, even in small amounts, through an open passage such as the mouth, nose, ears, front, or back private parts.
2. Intentional vomiting.
3. Sexual intercourse.
4. Masturbation.
5. Menstruation and postnatal bleeding.
6. Insanity.
7. Apostasy.
8. Fainting if it lasts for the entire day.

What is the due amount of food in expiation for perjury?

It is feeding ten indigent persons: 600 grams (for each) of the average food of your families such as rice, and it is permissible, according to Imam Ahmad Bin Hanbal, to give that amount in money if it was more useful to them.

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