عربي
Home


Resolutions of Iftaa' Board


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

Decision Number [ Previous | Next ]


Summarized Fatawaa

During a flight from Amman to the UAE, while we were flying over Saudi Arabia, the captain announced that it was time to break our fast, coinciding with the exact time of sunset. After I had broken my fast with my first date, the captain apologized for the earlier announcement and clarified that the correct time would be in 20 minutes. Am I required to continue fasting on that day?

Whosoever break his fast at teh very first announcement to make up the missed day of Ramadan, since Allah, The Most Exalted, Said (What means): "then complete your fast Till the night appears" [Al-Baqara/187]. And Allah Knows Best.

I am a wholesale gold trader. My clients are retail gold shop owners. I sell them gold jewelry and ornaments on credit, and they repay me in weekly installments over a period of two months or more. The payments are made in cash for the labor charges and for the gold they owe me. In return, they may give me either cash or used gold.
 

It is not permissible to sell gold or silver on an installment basis or with a deferred payment; rather, immediate exchange is required. The Messenger of Allah (PBUH) said: "Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, and salt for salt, like for like, hand to hand. Whoever gives more or asks for more has engaged in usury; the giver and receiver are the same in this regard." (Muslim). Additionally, the weight of the gold must be equal when exchanging new for used; otherwise, it involves usury. The solution is to buy the used gold with cash, then sell the new gold for cash as well. However, payment must be made at the time of the transaction in both cases. Alternatively, one could take the used gold with the intention of refining it, reshape it into a new form, or repair it, then take a fee for the workmanship or repair. And Allah Knows Best

Is it permissible for a Muslim physician to specialize in gynecology obstetrics, and what is the ruling on working as such?

Some fields of knowledge are an individual duty while others are a collective one, and specializing in gynecology obstetrics is a collective duty. However, if there were female physicians to treat women, then there is no need for a male gynecology obstetrics specialist to look at women`s Awrahs (private parts) except in necessary situations since the jurisprudential maxim says:” Necessity must only be assessed and answered proportionately.” And Allah Knows Best.

What is usually said upon the slaughtering of the Aqeeqah (the sheep slaughtered on the seventh day from the child`s birth)?

It is desirable to say: "Bismillah Alrahman Alraheem, was`salatu Wa s`salamu Ala Sa`idenah Mohammad, O Allah, this Aqeeqah is from You and to You on behalf of ….."

See More