عربي
Home


Resolutions of Iftaa' Board


Resolutions of Iftaa' Board

Resolution No.(34): “Ruling on the Investments of the Social Security Fund for Education through Depositing Funds in Usurious Banks or Purchasing Stocks“

Date Added : 28-10-2015

 
Resolution No.(34): "Ruling on the Investments of the Social Security Fund for Education through Depositing Funds in Usurious Banks or Purchasing Stocks"

Date: 28/11/1413 AH corresponding to 20/5/1993 AD.

The Board has received the following question:

What is the ruling of Sharia on the investments of the Social Security Fund for education, where funds are deposited in the Housing Bank against an interest, stocks are purchased from Jordan-Gulf Bank and General Arabia Insurance Company, development bonds are purchased from Jordan`s Central Bank, debenture bonds of Water Authority are purchased from Jordan`s Central Bank, and stocks are purchased in the Arab International Hotels Company?

Answer: All success is due to Allah.

The Board is of the view that purchasing stocks in a usurious institution is forbidden because it involves employing the invested money in forbidden activities, and this applies to purchasing funds in Jordan-Gulf Bank, development bonds issued by the Central Bank, and debenture bonds of the Water Authority from the Central Bank.

As regards depositing funds in a usurious bank against an interest, such an activity is forbidden as well, and this applies to depositing funds in the Housing Bank against an interest.

However, the permissibility of purchasing shares in companies in general depends on the nature of the activity of such companies, so if the activity is lawful, then purchasing the shares is lawful; if not ,then it isn`t. And Allah Knows Best.

 

Chairman of the Iftaa` Board, Chief Justice Dr.Nooh Al-Qodaat

Acting Mufti General, Sheikh Saeid Hijjawi

Mufti General of Jordanian Armed Forces: Mhamood Shwayat

             Dr. Abdassalam Al-Abbadi

Dr. Ahmad Hilayel

   Dr. Yousef Ghizaan

           Dr. Mahmood Al-Sartawi

             Dr. AbdulAziz Al-Khaiyaat

            Dr. Ibrahim Khash-shaan

       Sheikh Ratib Az-zahir

Decision Number [ Previous | Next ]


Summarized Fatawaa

What is the ruling on someone who fasts but does not pray?

A Muslim must be diligent in fulfilling all obligations, and after the Shahadah, prayer is the most important duty.
● If someone abandons prayer out of disregard, they are considered a disbeliever, and their fasting is not accepted.
● If they abandon prayer out of laziness, they are still a Muslim, and their fasting remains valid, but they have committed a grave sin by neglecting prayer.

Is it permissible for me to eat from the animal that I slaughtered for Allah to protect my family?

It is permissible to eat from the non-vowed animal sacrifice, and the person is rewarded based on the amount of meat that he had given to the poor. However, there is no evidence in Islamic Sharia indicating that slaughtering an animal protects one`s family, but it is a way for thanking Allah, The Almighty, for his grace.

When does the time for Udhiyah begin?

 
In the Name of Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
 
The permissible timeframe for Udhiyah (sacrificial offering) begins on the day of Eid al-Adha—the 10th of Dhul-Hijjah—once the sun has risen and a period of time sufficient to perform two brief prayer units (Rak'ahs) and two short sermons (Khutbahs) has passed. This window remains open until the sun sets on the final day of Tashreeq, which is the 13th of Dhul-Hijjah.
 
Our Master, the Messenger of Allah (peace and blessings be upon him), said: "Every valley of Mina is a place of sacrifice, and slaughtering may be done throughout all the days of Tashreeq." (Narrated by Al-Bayhaqi and Ibn Hibban)
 
The days of Tashreeq refer to the 11th, 12th, and 13th of Dhul-Hijjah.
 
The most virtuous time to perform the sacrifice is immediately after concluding the Eid prayer, based on the statement of the Prophet (peace and blessings be upon him): "The first thing we do on this day of ours is to pray, then we return and offer our sacrifice. Whoever does that has acted in accordance with our Sunnah (tradition), and whoever slaughters before that, it is merely meat he has provided for his family; it has nothing to do with the ritual sacrifice." (Reported by Al-Bukhari and Muslim)
 
What is meant here is an estimation of time rather than the actual performance of the prayer itself, as our Master, the Messenger of Allah (peace and blessings be upon him), used to offer the Eid al-Adha prayer immediately after sunrise.
 
The sacrifice is valid if performed at any time during these designated days, whether by day or by night, though slaughtering at night is considered disliked (Makruh). And Allah the Almighty Knows Best.

Is Zakah (obligatory charity) due on articles of merchandise even if they were stacked in the merchant`s stores for years?

Yes, Zakah is due on goods even if they were stacked in merchant`s stores for years, in this manner Islam struggle against monopoly.

See More