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Resolutions of Iftaa' Board

Resolution No.(43): "Ruling on the Amendments of the Islamic International Arab Bank`s Certificate of Incorporation and Statute"

Date Added : 07-12-2015

 

Resolution No.(43): "Ruling on the Amendments of the Islamic International Arab Bank`s Articles of Association and Statute Regualtions"

Date: 25/7/1420 AH, corresponding to 13/11/1999

We have received the following question:

Do the certificate of incorporation and the statute of the Islamic International Arab bank comply with the rulings of Islamic Sharia?

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.

Answer: The Board has decided to approve the amendments indicated in the above letter, and which comply with the rulings of Islamic Sharia, provided that paragraph (D) of article (28) is rewritten to read as follows:

Paragraph (D) The other precautions:

Any percentage of the profits based on the suggestion of the administrative board and the approval of the general authority in favor of any other precautions, regardless of their name or purpose, in the best interest of the company and its course of business, provided that this deduction is made after that of the income tax. And Allah Knows Best.

Chairman of the Iftaa` Board, Chief Justice, The Grand Mufti, Sheikh Izuldeen At-tamimi

Sheikh Sa`eid Al-Hijjawi

Dr. Yousef Ali Ghyzaan

   Dr. Mahmoud Al-Bakheet

   Dr. Abdulsalam Al-Abbadi

Sheikh Sa`eid Shewayat

                     Executive Secretary of the Iftaa` Board, Na`eim Mujahid

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Summarized Fatawaa

Is it permissible for a person who had vowed to give a certain amount of money to another, but didn`t find the latter to donate that money to the mosque?

In principle, the vowing person should abide by his vow as much as possible. Therefore, if he couldn`t find the person that he had made the vow for, then the vow itself is countless and nothing is due on its maker. However, if the latter happens to find the former later on then, he has to give him that money.

Is the father a Mahram (Non-marriageable) to his son`s mother-in-law?

The father is a non-Mahram (Marriageable) to his son`s mother-in-law, so it is impermissible for them to look at each other, or to have a seclusion (Khalwah).

Is my son who was breastfed one filling time by my aunt considered a brother to her children?

The baby who was suckled five sporadic times by a woman is considered a son/daughter of hers.

Who has the right to child custody when final divorce takes place?

The wife has the right to child custody until her children reach the age of puberty. However, if she gets married, the right of custody becomes that of her mother`s.

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