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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

Does Laylat al-Qadr move between the nights of Ramadan?

Laylat al-Qadr is definitely in Ramadan, and it is most likely in the last ten nights, especially on the odd-numbered nights.
For this reason, the Prophet ﷺ commanded observing worship in the last ten nights, and he himself used to dedicate those nights to worship. Many people put special effort into the 27th night of Ramadan, and they are rewarded in any case, whether they actually coincide with Laylat al-Qadr or not, because worshiping on any night of Ramadan carries great rewards.
 

Is it permissible to read from the Mus-haf during Tarawih prayer?

Yes, it is permissible to read from the Mus-haf during Tarawih prayer, provided that excessive movements that invalidate the prayer are avoided.
However, it is preferable for the imam to be a memorizer of the Quran and to recite from memory.

Why was the exact date of Laylat al-Qadr concealed?

The wisdom behind this is to encourage Muslims to strive in worship throughout all the nights of Ramadan, or at least in the last ten nights. By doing so, they will earn the reward of observing Laylat al-Qadr as well as the reward of worshiping on other blessed nights.

What is the difference between Qiyam al-Layl and Tahajjud?

● Qiyam al-Layl refers to any voluntary prayer performed at night, including Tarawih.
● Tahajjud specifically refers to voluntary prayer performed at night after waking up from sleep.
Glad tidings to those who combine both, as numerous Quranic verses and hadiths mention their virtues.
Allah Almighty says {what means}: "And rise from thy sleep and pray during part of the night [as well], as a free offering from thee, and thy Sustainer may well raise thee to a glorious station [in the life to come." [Al-Isra`/79]
The Prophetﷺ said: "Whoever stands (in prayer) during Ramadan with faith and seeking reward, all their past sins will be forgiven." [Agreed upon]

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