Resolutions of Iftaa' Board



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 valid to perform Tarawih prayer at home?

It is Sunnah for a Muslim to perform Tarawih prayer in congregation at the mosque.
However, if a person sometimes prays it at home in congregation with their family for a valid reason, there is no harm in doing so.

What type of illness that permits breaking the fast in Ramadan?

It is an illness that, if one fasts, there is a fear it may lead to their death or cause unbearable hardship.

Is fasting obligatory for a child?

Fasting is not obligatory for a child until they reach puberty. Puberty is determined by well-known signs, the most common of which are: nocturnal emission (for both males and females), menstruation (for females), or reaching the age of fifteen lunar years.
A guardian must instruct their children to fast once they reach the age of discernment, which is around seven years old, if they are capable of fasting.

What is the Sharia basis of the Udhiyah?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
The Sharia basis of the Udhiyah (sacrificial offering) is firmly established through the Quran, the Sunnah, and the Consensus (Ijma') of the Muslims:
1. Evidence from the Holy Quran
Allah the Exalted says {what means}: "And the camels and cattle We have appointed for you as among the symbols of Allah; for you therein is good." [Al-Hajj/36]. He also says {what means}: "So pray to your Lord and sacrifice [to Him alone]" [Al-Kawthar/2]. According to the most well-known scholarly interpretations of this verse, "prayer" refers to the Eid prayer, and "sacrifice" refers to the slaughtering of the Udhiyah.
2. Evidence from the Sunnah
Al-Bara' bin 'Azib (may Allah be pleased with him) narrated that the Prophet ﷺ said: "The first thing we start with on this day of ours is to pray, then we return and sacrifice. Whoever does that has followed our Sunnah, and whoever slaughters before [the prayer], it is merely meat he has provided for his family; it is not part of the ritual sacrifice in any way" [Reported by Bukhari & Muslim].
Anas (may Allah be pleased with him) narrated: "The Prophet ﷺ sacrificed two white rams with horns. He slaughtered them with his own hand, mentioned the name of Allah (Tasmiyah), and said the Takbir" [Reported by Bukhari & Muslim].
3. Evidence from Scholarly Consensus (Ijma')
The Muslims have reached a unanimous consensus on the Sharia basis of the Udhiyah, and no one among the scholars has disagreed with this. [Al-Sherbini, Mughni al-Muhtaj, Vol.6/P.122].And Allah the Exalted knows best.