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Resolutions of Iftaa' Board


Resolutions of Iftaa' Board

Resolution No.(68): “Ruling on Investing and trading in Stocks of Public Shareholding Companies“

Date Added : 02-11-2015

 

Resolution No.(68): “Ruling on Investing and trading in Stocks of Public Shareholding Companies“

Date: 5/8/1424 AH corresponding to 1/10/2003 AD.

 

The Board received the following question:

What is the Ruling of Islamic Sharia on investing and trading in stocks of public shareholding companies?

Answer: All success is due to Allah.

After careful study and deliberation, the Board believes that investing and trading in stocks of public shareholding companies, which deal in illegal business such as trading in wine or producing it, is forbidden, and the same ruling applies to similar companies.

As regards companies that deal in lawful business, which was slightly mixed with that which is unlawful such as dealing in usury, investing in them is permissible, provided that the investors remove the usurious amounts from their profits and give them to the poor and needy Muslims. And Allah Knows Best.

Iftaa` Board

Chairman of the Iftaa` Board, Chief Justice, Izz Al-Deen Al-Tamimi

   Dr. Mohammad Abu Yahia     

  Dr. Ahmad Hilayil     

    Sheikh Mahmoud Shwayyaat

Dr. Yousef Gheezaan

Dr. Wasif Al-Bakhri

 Sheikh Saeid Hijjawi

Sheikh Na`eim Mujahid

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Summarized Fatawaa

Is it permissible for a husband to sell his wife`s jewelry if he was in a hard up?

A woman`s jewelry and dowry are her own property, and it is forbidden for the husband to take either without obtaining her approval. However, it is desirable for the wife to support her husband through considering her jewelry a sort of documented debt on him.

A man has raped a woman and she gave birth to a baby boy. To whom should that baby be attributed?

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.
 
First of all, the adulterer must be punished according to the rules of Sharia and the baby isn`t attributed to him. Rather, it is attributed to the mother. This adulterer has committed a grave sin and incurred the wrath of Allah. We advise him to make sincere repentance to Allah and pray that Allah forgives him. And Allah The Almighty Knows Best.

Is Zakah (obligatory charity) obligatory on indebted merchant?

Debt doesn`t abrogate the dueness of Zakah, thus a debtor who has money, articles of merchandise, or other Zakah funds at his disposal should pay their Zakah.

What is the ruling on swearing a false oath by the Holy Quran?

Swearing a false oath by the Holy Quran dips the oath-taker in Hellfire, and one who had done so should turn to Allah in repentance, seek His forgiveness, give back rights to whom they belong, and pay the oath expiation.

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