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Resolutions of Iftaa' Board

Resolution No.(62): "Making Repentance after having Purchased Stocks of a non-Islamic Bank"

Date Added : 25-02-2020

 

Resolution No.(62): "Making Repentance after having Purchased Stocks of a non-Islamic Bank"

Date: 5/3/1424 AH, corresponding to 7/3/2003

 

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.

We have received the following question:

In 1977, I bought two hundred stocks of a non-Islamic bank and I want to atone this sin. What is the view of Sharia regarding these stocks? Should I keep them or give them to charity, but keep my principal sum? Am I allowed to give their value to one of my sons whom I`m not obliged to support, to pay for his tuition, marriage and the like. How should I calculate the difference in the value of the currency between that time and now?

The Board is of the view that she should sell all the stocks that she herself had purchased from the bank and from her husband, and then she should take only her principal sum as prescribed in the following verse: "Yet if you repent, you shall have your principal sums, not being unjust, and no injustice being done to you." {Al-Baqarah/279}. Moreover, She should distribute the remaining sum amongst the poor and needy, and she isn`t allowed to take any of it for herself unless she was poor. In this case, she may take what covers her need as a poor person. Moreover, she is allowed to spend on one of her sons whom she isn`t obliged to support as much as needed to cover the expenses of his study or marriage if he was poor.

As far as the calculation of the difference in the values of a currency between the times of purchasing the stocks and now, both values should be estimated and the total should be divided by two. And Allah Knows Best.

Chairman of the Iftaa` Board, Chief Justice, Izz Aldeen Attamimi
Dr. Wasif Al-Bakhri
Dr. Mohammad Abu Yahia
Dr. Yousef Ghizaan
Sheikhb Sa`id Hijjawi
Sheikh Na`iem Mujahid
Sheikh Mahmood Shwayat

 

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Summarized Fatawaa

What is the ruling of islamic law on statutory (legal) interest awarded by a court?
 

All praise is due to Allah, and peace and blessings be upon our master, the Messenger of Allah.
 
It is permissible for a person in whose favor a judge has awarded statutory (legal) interest to deduct the actual litigation costs incurred in filing and prosecuting the lawsuit from these interest funds.
 
Any remaining balance beyond those actual expenses must be returned to the party upon whom the payment was imposed, provided that party is a specific individual. If, however, the paying party is a public entity or state institution, the remaining amount should be spent on the general public interests of Muslims—such as schools, mosques, roads, and similar public utilities shared by the community—or given in charity (Sadaqah) to the poor and needy. And Allah Almighty knows best.

What is the ruling on istinja' after urination, and is it done with water and soap or with water only?

Istinja' from urine and stool is obligatory. It is permissible to perform istinja' with water alone, or with toilet paper alone. The best way is with toilet paper then water. If one wishes to suffice with one of them, then water is better. And Allah the Almighty knows best.

When is a child instructed to fast?

A child is instructed to fast at the age of seven if they are capable of fasting and have reached the age of discernment, by analogy to prayer. They should be encouraged but not forced, so they can become accustomed to it. It is obligatory for their guardian, whether a father or another, to instruct them.

Is vomit among the nullifiers of Wudu (ablution)?

Vomit does not nullify Wudu, but it is a Najaasah (impurity) that requires rinsing the mouth and washing whatever became dirty by it since the prayer becomes valid only after the removal of Najaasah. And Allah Knows Best.

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