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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

Is it permissible for a wife to leave her house without asking her husband?

It is impermissible for the wife to leave her house without asking her husband except for a sound reason.

Is Zakah (obligatory charity) due on owned land?

Zakah is due on the land used as an article of merchandise and was originally bought for that end. Zakah is due on it at the end of every lunar year. Its value is estimated, and (2.5%) of the total value of all such lands owned by the questioner is given as Zakah. However, no Zakah is due on the land used for building a house, or an agricultural purpose.

What is the ruling on one who performs ablution or the ritual bath while having nail polish?

Nail polish must be removed before ablution or ritual bath so that water reaches what is beneath it, because it is a barrier that prevents water from reaching that area. This is based on the hadith narrated by Ali (may Allah be pleased with him) from the Prophet (peace be upon him): "Whoever leaves a hair's breadth of his body unwashed from major impurity, such and such will be done to him in the Fire." (Reported by al-Bukhari). And Allah the Almighty knows best.

Is it permissible to slaughter a single sheep with the combined intention of both the uḍḥiyyah and the 'aqīqah?

All praise is due to Allah, and may peace and blessings be upon our Master, the Messenger of Allah.
According to Shaykh al-Islām Imam Ibn Ḥajar al-Haytamī, it is not permissible to combine the intention of the uḍḥiyyah and the 'aqīqah in a single animal, as each of the two has a distinct and separate cause that differs from the other.
However, Shaykh al-Islām Imam al-Ramlī permitted the combining of both intentions in a single animal — and this position offers a degree of latitude and ease. And Allah Almighty knows best.

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