Resolutions of Iftaa' Board



Resolutions of Iftaa' Board

Resolution No.(87): “Ruling on Purchasing Stocks of a non-Islamic Bank“

Date Added : 25-02-2020

Resolution No.(87) by the Board of Iftaa`, Research and Islamic Studies: “Ruling on Purchasing Stocks of a non-Islamic Bank“

Date: 2/4/1426 AH, corresponding to 11/5/2005 AD

 

Question: What is the ruling of Sharia on purchasing stocks of a non-Islamic bank?

Answer: All success is due to Allah.
The Board is of the view that purchasing stocks of non-Islamic banks is forbidden in principle because Allah The Almighty Says {what means}: “Those who devour usury will not stand except as stand one whom the Evil one by his touch Hath driven to madness. That is because they say: "Trade is like usury," but God hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for God (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (for ever).” {Al-Baqrah/275}. One who has purchased such stocks and wants to make repentance should suffice by taking his money{capital} without any increase, for Allah, The Almighty Says in this regard {what means}: “O ye who believe! Fear God, and give up what remains of your demand for usury, if ye are indeed believers. If ye do it not, Take notice of war from God and His Apostle: But if ye turn back, ye shall have your capital sums: Deal not unjustly, and ye shall not be dealt with unjustly.” {Al-Baqarah 278/279}. Therefore, it is imperative that he/she takes back his/her money {capital} without any increase since what is begotten through a forbidden act is forbidden as well. And Allah Knows Best.

 

Board of Iftaa`
Chairman of the Iftaa` Board, Chief Justice, Izzaldeen At-Tamimi
Dr. Abdulsalam Al-Abbadi                        Dr. Yousef Ghyzaan
Sheikh Saeid Hijjawi                                  Sheikh Naeim Mojahid
Sheikh AbdulKareem Al-Khasawneh      Dr. Wasif Al-Bakri
Dr. Abdulsalaam Al-Salaheen                   Dr.Abduaziz Al-Khayaat

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Summarized Fatawaa

What is the ruling on selling sacrificial animals (udhiyah) described with specific attributes and authorizing an agent to slaughter them?

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
Selling sacrificial animals (udhiyah) that are described with specific attributes is permissible. This falls under the category of a salam sale (forward sale) if conducted using the terminology of salam, and under the category of a regular sale if not using the terminology of salam.
 
As for authorizing the seller to slaughter the sacrificial animal, the basic principle is that it is permissible, because the agent (wakil) stands in the place of the principal (muwakkil) in achieving his objective. This is a contract that the principal (the buyer) is entitled to perform himself, so authorizing another (the seller) to do so on his behalf is valid.
 
However, it is a condition for authorization to slaughter that the intention (niyyah) is present either at the time of slaughter or at the time of handing over the sacrificial animal to the agent. The basic principle is that the sacrificial animal must be specifically designated, as it is an act of worship. It is not required to designate it at the time of slaughter; rather, it is valid to do so before that.
 
It is permissible for the principal either to delegate the intention to the agent or to formulate it himself when authorizing the agent to slaughter. However, the sacrificial animal must be designated, even if at the time of slaughter, by the agent.
 
It is obligatory to designate the sacrificial animals so that each person offering a sacrifice receives his own specific animal. Therefore, charitable organizations and companies must take this into consideration and establish a specific mechanism that ensures no mixing of sacrificial animals occurs, so that each person offering a sacrifice receives his own designated animal. And Allah Almighty knows best.

Is Zakah (obligatory charity) due on the money saved for marriage?

Zakah is due on the money saved for marriage if it reached the Nissab (minimum amount liable for Zakah), and a whole lunar year had lapsed over possessing it.

Should one who doesn`t perform prayer out of laziness make it up later, and how should he/she do so?

All perfect praise be to Allah,The Lord of The Worlds                                                                                                                                                              He/she is obliged to make up missed prayers by offering with each obligatory prayer another one, and if he/she offers two, then it is better. And Allah Knows Best.

Is it correct that everything dry is pure even if it has impurity on it?

If something impure becomes dry, it remains impure and is not purified by drying. However, the impurity does not transfer by touching it if the one touching it is also dry. And Allah the Almighty knows best.