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Resolutions of Iftaa' Board

Resolution No.(106): “Ruling on Foreign Exchange Offices“

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

A woman went for Hajj while pregnant, gave birth after leaving Arafat, and was unable to perform the Tawaf Al-Ifadah. If she cannot stay until she becomes pure from postpartum bleeding (Nifas) and she is from a distant country, what is she liable for?
 

This woman is advised to leave Mecca in a state of Ihram if the caravan departs. Once she reaches a distance where returning to Mecca is not feasible, she should consider herself in a state of being prevented (Muhsar). She may then exit Ihram, and she is required to offer a sacrificial animal (Blood) at that location. Additionally, she must perform a compensatory Hajj at the earliest possible opportunity. And Allah Almighty Knows Best.

 

 

 

Is it permissible to make up missed prayers at the times in which praying is disliked?

All perfect praise be to Allah,The Lord of The Worlds                                                                                                                                                                        It is permissible to make up missed prayers at any time even that in which praying is disliked. Absolute supererogatory prayer is forbidden to be performed at the times in which praying is disliked, and this also applies to Ihram and Istikhara prayers. However, there is no harm in offering prayers in Mekah during those times. And Allah Knows Best.

How many prostrations of Quranic recital are there, and is it permissible not to offer them while reciting?

There is one prostration for the Quranic recital, and it is a Sunnah for which one is rewarded upon offering it. However, one who doesn`t isn`t punished. Therefore, those who fail to offer it aren`t considered sinful, rather they deprive themselves from the reward.

What is the stance of Ahlus-Sunnah wal-Jama'ah regarding the historical figure known as 'the Sufyani,' who some say will appear at the end of times? And what is the stance of Ahlus-Sunnah wal-Jama'ah regarding the group that killed Al-Husayn ibn Ali (may Allah be pleased with them), particularly those who directly committed the killing, severed his head, and killed members of his family?

Most of the narrations about the signs of the Hour concerning the Sufyani, who is said to appear before the Mahdi, indicate that he is the leader of the army that will invade the Kaaba, and Allah will cause the earth to swallow them. We disassociate ourselves before Allah from those who killed Al-Husayn Ibn Ali (may Allah be pleased with them), supported his killing, or encouraged it, whether openly or secretly. The inner matters are left to Allah alone. And Allah The Almighty Knows Best.
 
 
 
 
 

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