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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

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Ghusl from Janabah (ritual impurity), or menstruation obligates that water reaches the roots of the hair in order for the Ghusl to be valid, but if it doesn`t, then hair locks must be untied for water to reach them, and for Ghusl to become valid.

Is Zakah (obligatory charity) due on the items used in the trading process such as: cars , shops etc..?

No Zakah is due on equipments used in the trading process such as cars and the like.

Is it permissible for a woman to wear underwear while performing Umrah?

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I am a disabled woman who has vaginal discharges and can`t control her urine. Therefore, I combine prayers. Is that permissible?

All perfect praise be to Allah, The Lord of The Worlds, and may His peace and blessings be upon our Prophet Muhammad and upon all his family and companions.

According to the Hanbali doctrine, it is permissible for the sick to combine prayers. In your case (Asker), it is better that you delay the noon prayer until a few minutes before the afternoon prayer in order to minimize the time span between the two and perform each alone. In addition, you can do the same with sunset and evening prayers. Finally, we ask Allah to bless you with recovery. And Allah Knows Best.

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