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Resolutions of Iftaa' Board


Resolutions of Iftaa' Board

Date Added : 02-11-2015

 

Resolution No.(106) by the Board of Iftaa`, Research and Islamic Studies:  

“ Ruling on Foreign Exchange Offices “

Date: 26/4/1472 AH, 24/5/2006 AD

 

 

Question: What is the ruling on foreign exchange offices that deal in foreign exchange speculation, American Stock Exchange (AMEX), gold, silver and petrol.

The way such offices operate can be clarified as follows: The client makes a deposit e.g.(5000) dollars and the office offers him credit facilities up to (50.000), but when the loss reaches (5000), the client loses his money and the office closes his account and the opposite is true in case of profit?

Answer:

The Board is of the view that such transaction is forbidden in Islamic Law {Sharia} because the money which the office lends to the client is conditioned by trading in foreign exchange with none other than it. In this case, it is a tied loan: no credit facilities to the client unless he adheres to dealing with the office alone. Moreover, the office`s profit is assured while the client`s isn`t, and this is tantamount to gambling.

This is in addition to the fact that this transaction is conducted without mutual reception in the place where the transaction was concluded. Also, the office sells and buys that which isn`t in its possession and this has been disapproved and forbidden by the Prophet (PBUH). And Allah Knows Best.

 

 

Chairman of the Iftaa` Board

Chief Justice/ Dr. Ahmad Hilayel

Dr. Abdusalam Al-Abbadi                                      Dr. Yousef Ghaidahn

Dr. Abdolmajeed As-Salaheen                              Sheikh Sai`ed Hijjawi

Dr. Wasif Al-Bakri                                         Sheikh Abdulkareem Khasawneh

Sheikh Na`iem Mujjahid

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Summarized Fatawaa

Is it permissible for a person who broke fasting in Ramadhaan because of being sick to pay a ransom?

If there is hope for him/her to be cured, then he would be required to make up for the missed fasting days when he/she recovers, and no ransom is due on him/her. If his/her disease is incurable, then he/she would be required to pay a ransom for each missed fasting day, which is (600) grams of wheat, or rice.

A man who was on travel prayed Duhr as four Rakhas upon leaving Tafilah heading to Amman. However, on his way to Amman, he prayed Asir as two Rakhas (Shortened). Is what he did correct from an Islamic perspective?

All perfect praise be to Allah, The Lord of The Worlds. May His blessings and peace be upon our Prophet Mohammad and upon all his family and companions.
 
What he did is correct; he is liable for nothing before Allah The Almighty, since combining and shortening prayers during travel are two separate concessions. Therefore, it is permissible for a traveler to shorten prayer without combining it with another. And Allah The Almighty Knows Best.

What is the ruling on swearing a false oath by the Holy Quran?

Swearing a false oath by the Holy Quran dips the oath-taker in Hellfire, and one who had done so should turn to Allah in repentance, seek His forgiveness, give back rights to whom they belong, and pay the oath expiation.

An engineer has to work in a circuit system of a non-Islamic bank. What is the ruling on the income she receives from doing this job?

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.
Necessity lies in fearing for one`s life, honor or mind, so the wage received for doing a forbidden job is equally forbidden. Kindly contact the Iftaa` Department to further clarify the nature of your work. And Allah the Almighty knows best.

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