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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

Is a woman sinful if she fasts out of shyness from her family while menstruating or in postnatal bleeding?

It is forbidden for a woman who is menstruating or in postnatal bleeding to abstain from food and drink with the intention of fasting. If she fasts out of shyness, she is sinful, as her fast is not valid.
However, if she refrains from eating and drinking without intending to fast, it is not forbidden, but she unnecessarily burdens herself without need.

Is fidyah required for someone who breaks their fast due to a valid excuse?

● If the excuse is permanent, such as a chronic illness with no hope of recovery or old age, then fidyah is required. This means feeding one needy person for each missed fasting day.
● However, if the excuse is temporary, such as menstruation, postnatal bleeding, or a temporary illness, then only making up the missed fasts (qada) is required, and fidyah does not apply.

What is the ruling on someone who possesses cash reaching the niṣāb (minimum threshold liable for zakah), and then uses part of it to purchase gold before the ḥawl (lunar year) is complete — must he pay zakāh on all of it [combined], or only on the remaining cash, excluding the gold?

All praise is due to Allah, and peace and blessings be upon our master, the Messenger of Allah ﷺ.
Gold acquired for hoarding and saving is subject to zakāh once it reaches the niṣāb (minimum threshold liable for Zakah) — when combined with any cash held — and once a full ḥawl (lunar year) has elapsed over it. The starting point for calculating this ḥawl is the ḥawl of the paper currency [used to purchase it], which had already reached the niṣāb and was then used to purchase the gold.
It is stated in Mughnī al-Muḥtāj (Vol.2/p.78): "As for someone who sells silver in exchange for gold, or vice versa, zakāh remains obligatory upon it, since he builds [the calculation of] its ḥawl upon [the ḥawl established at the time of] the original transaction [i.e., when the wealth was first acquired]."
This has already been explained in detail in Fatwa No. 2670 — please refer to it.
And Allah, the Exalted, knows best.

What is the ruling of Islamic Law on speaking with one's fiancée (before the marriage contract) by telephone and WhatsApp?

All praise is due to Allah, and peace and blessings be upon our master, the Messenger of Allah.
Before the marriage contract, the two engaged persons remain non-mahram (strangers) to one another. Reciting al-Fātiḥah, receiving some money on account of the dowry (mahr), or accepting a gift are all merely a promise of marriage and not a valid contract under the Sharīʿah.
It is therefore forbidden for the engaged couple, before the marriage contract is concluded, to be alone together (khalwah) or to shake hands. It is likewise forbidden to speak by telephone or correspond without need. And Allah Almighty knows best.

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