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

What is the ruling on performing voluntary (nafl) prayer during the time of istiwā' (the sun's zenith) on the day of Jumu‘ah (Friday), and is this ruling specific to someone who has come to the mosque to perform the Jumu‘ah prayer?

All praise is due to Allah, and peace and blessings be upon our master, the Messenger of Allah ﷺ.
It is permissible to perform voluntary (nafl) prayer during the time of istiwā' (the sun's zenith, i.e., its highest point before noon) on the day of Jumu‘ah (Friday) — whether for someone who is attending the Friday prayer or someone who is not, and whether they are among the people obligated to attend it or not.
It is stated in Mughnī al-Muḥtāj (Vol.1/P.310): "The more correct position (al-aṣaḥḥ) is that prayer is permissible during this time without restriction — regardless of whether the person will be attending the Jumu‘ah prayer or not." And Allah, the Exalted, knows best.

What is the monetary value for the expiation of an oath (Kaffarat al-Yamin)?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
The expiation for an oath (Kaffarat al-Yamin) consists of feeding ten (10) needy persons. This is estimated at 600 grams of rice per person. It is also permissible to pay its value in cash, which is estimated at one dinar (per person). And Allah the Exalted knows best.

When is Istikharah (guidance prayer) Du`a offered, before Tasleem (saying asalamu alikum warahmatu allah wa barakatuh to end the prayer), or after it?

It is offered after Tasleem.

Does sacrificing one sheep avail for the entire household?

In the Name of Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
 
Offering an Udhiyah (sacrificial offering) is a communal Sunnah (Sunnah Kifayah) for members of the same household, provided that their financial maintenance is undertaken by a single provider. By "communal Sunnah," we mean that when one person performs it, the religious recommendation is fulfilled on behalf of the entire household, though the spiritual reward itself belongs uniquely to the one who offered it.
 
Therefore, if any member of the household performs the sacrifice—even if it is someone who is not legally responsible for the household's expenses, such as the wife or one of the children—the recommendation is fulfilled for everyone in that home. However, the reward does not automatically extend to the other members unless the person offering the sacrifice explicitly intends to share the reward with them—similar to how performing a funeral prayer (Janazah) fulfills the communal obligation for everyone, yet the specific reward is earned by those who actually prayed.
 
Additionally, a single sacrifice is sufficient for a man who is married to more than one wife. And Allah the Almighty Knows Best.