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Resolutions of Iftaa' Board

Resolution No.(163): "Ruling on the Sukuk of Ijarah Ending in Ownership Issued by Al-Rajihi Cement Company"

Date Added : 01-12-2015

Resolution No.(163)(1/2011) by the Board of Iftaa`, Research and Islamic Studies:

"Ruling on the Sukuk of Ijarah Ending in Ownership Issued by Al-Rajihi Cement Company"

Date: 25/3/1432 AH, corresponding to 28/2/2011

 

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

On the above date, the Board reviewed the question of Al-Rajihi Cement Company-Jordan regarding the Sukuk of Ijarah ending in ownership.

After researching and deliberating, the Board decided what follows:

Taskeek is issuing documents, or financial certificates of equal value as indefinite shares in existing assets (properties, benefits, rights, or a mixture of properties, benefits, money, and debts), or will be established by virtue of initial public offering, and are issued in accordance with a Sharia-compliant contract.

Having reviewed the mechanism of issuing those Sukuk, the Board decided that they are permissible in Sharia, provided that the assets of the Ijarah are sold to the tenant for a reasonable price at the end of the leasing (Ijarah) period. Moreover, there must be no capital assurance by either party, and the Sharia rules sanctioned by the Sharia Supervisory Committee must be adhered to. And Allah Knows Best.

 

Chairman of the Iftaa` Board, The Grand Mufti of Jordan, Sheikh Abdulkareem Al-Khasawneh

Vice-Chairman of the Iftaa` Board, Dr. Ahmad Hilayel

Dr. Yahia Al-Botoosh/ Member

Sheikh Sa`eid Hijjawi/ Member

Dr. Mohammad Khair Al-Eesa/ Member

Judge Sari Attieh/ Member

Dr. Abdulrahman Ibdah/ Member

Dr. Mohammad Al-Ibraheem/ Member

Dr. Abdulnaser Abu Al-Basal/ Member

Dr. Mohmmad Al-Khalayleh/ Member

Dr. Mohammad Al-Gharaibeh

Sheikh Mohammad Al-Hinaiti/ Executive Secretary of the Iftaa` Board

 

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Summarized Fatawaa

Is Zakah (obligatory charity) due on land intended for selling?

Yes, lands intended for trade are valued, and Zakah is paid according to their estimated value after a lunar year had lapsed, but if the owner didn`t pay the due Zakah, then he should do so after selling them.

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 for a woman to leave her house wearing brightly colored clothing?

Brightly colored clothing is of woman's adornments, however; and this shouldn't be revealed save to her husband and Mahrams. And Allah Knows Best.

What is the expiation for breaking fast due to being on a journey, or being sick, or being in a state of menstruation?

No expiation is due on the aforesaid categories, but they are obliged to make up for the missed fast. However, if any of them failed to do so while being able to, and the next Ramadhaan has come, then making up for those days is incumbent on him/her , and paying the ransom as well. And Allah Knows Best.

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