عربي
Home


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

Decision Number [ Previous | Next ]


Summarized Fatawaa

Is it permissible for a woman in her menstrual period to recite from the Mus-haf (copy of the Quran ), or to recite by heart?

A menstruating woman is permitted neither to recite nor to touch the Quran according to what Ali Bin Abi Talib (May Allah be pleased with him) reported about the Prophet (PBUH) who was only held from reciting the Holy Quran by Janabah (Major impurity) [Al-Tirmizi in a sound Hadith]. Although Janabah and menstruation are major impurities, a menstruating woman is permitted to supplicate Allah (Duaa`) and make Zikr (Tasbihat ), even if these involved saying words from the Holy Quran, provided that she does not mean the words for themselves but as a supplication, or Zikr. Moreover, she is rewarded for not reciting the Quran during her menstrual period because she abided by the injunctions of Allah.

Should nail polish be removed before making ablution?

Yes, it should be removed because it prevents water from reaching the nails.

What is the amount of Zakah (obligatory charity) due on articles of merchandise?

The amount of Zakah due on articles of merchandise is (2.5%) of each article`s value after a whole lunar year had lapsed.

What is the ruling on Qonot Du`a (supplication) at dawn prayer?

All perfect praise be to Allah,The Lord of The Worlds                                                                                                                                                                        It is a confirmed Sunnah, and whoever leaves it should perform Sujood As-Sahw (prostration of forgetfulness). And Allah Knows Best.

See More