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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

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Summarized Fatawaa

How should the udhiyah be distributed?

Praise be to Allah, and peace and blessings be upon our master, the Messenger of Allah.
 
It is obligatory to give the poor a portion of the meat from a voluntary sacrifice (Udhiyah al-Tatawwu’), which should not be less than approximately half a kilogram of raw meat. Other parts do not suffice for this obligation, such as the liver, tripe, or intestines.
It is Sunnah for the one offering the sacrifice to divide it into thirds: one-third for himself and his household to eat, one-third to be given as charity to the poor, and one-third to be given as a gift to friends and neighbors, even if they are wealthy. And Allah the Almighty knows best.

Who is the "Capable Person" for whom the Udhiyah is recommended?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.

The "Capable Person" (Al-Qadir): This refers to anyone who possesses surplus wealth beyond their own essential needs and the financial maintenance of their wife, children, or whoever is under their legal care, during the day of Eid and the three days of Tashreeq (the 11th, 12th, and 13th of Dhul-Hijjah), as this is the designated timeframe for the sacrifice. And Allah Knows Best.

What should the one performing the slaughter say at the time of slaughtering the 'aqīqah?

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
It is Sunnah to say the following supplication at the time of slaughtering the 'aqīqah:
"Bismillāhi wallāhu Akbar, Allāhumma laka wa ilayka, hādhihi 'aqīqatu fulān."
("In the name of Allah, and Allah is the Greatest. O Allah, this is for You and unto You — this is the 'aqīqah of [the child's name].")
This is based on what al-Bayhaqī narrated in Al-Sunan al-Kubrā (Vol.9/P.511), that the Prophet ﷺ said: "Slaughter it in his name and say: In the name of Allah, and Allah is the Greatest. O Allah, this is for You and unto You — this is the 'aqīqah of so-and-so."
And Allah Almighty knows best.

Is the marriage, which lacks a valid legal contract, a guardian, and a court registration, valid?

It is incumbent that a valid marriage contract be concluded in the presence of a guardian and two trustful witnesses, and it should be registered in the court to protect the rights of the wife. Actually, a valid marriage contract is what differentiates between sound marriage and fornication.

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