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Resolutions of Iftaa' Board

Resolution No.(106): “Ruling on Foreign Exchange Offices“

Date Added : 02-11-2015

 

Resolution No.(106) by the Board of Iftaa`, Research and Islamic Studies:  

“ Ruling on Foreign Exchange Offices “

Date: 26/4/1472 AH, 24/5/2006 AD

 

 

Question: What is the ruling on foreign exchange offices that deal in foreign exchange speculation, American Stock Exchange (AMEX), gold, silver and petrol.

The way such offices operate can be clarified as follows: The client makes a deposit e.g.(5000) dollars and the office offers him credit facilities up to (50.000), but when the loss reaches (5000), the client loses his money and the office closes his account and the opposite is true in case of profit?

Answer:

The Board is of the view that such transaction is forbidden in Islamic Law {Sharia} because the money which the office lends to the client is conditioned by trading in foreign exchange with none other than it. In this case, it is a tied loan: no credit facilities to the client unless he adheres to dealing with the office alone. Moreover, the office`s profit is assured while the client`s isn`t, and this is tantamount to gambling.

This is in addition to the fact that this transaction is conducted without mutual reception in the place where the transaction was concluded. Also, the office sells and buys that which isn`t in its possession and this has been disapproved and forbidden by the Prophet (PBUH). And Allah Knows Best.

 

 

Chairman of the Iftaa` Board

Chief Justice/ Dr. Ahmad Hilayel

Dr. Abdusalam Al-Abbadi                                      Dr. Yousef Ghaidahn

Dr. Abdolmajeed As-Salaheen                              Sheikh Sai`ed Hijjawi

Dr. Wasif Al-Bakri                                         Sheikh Abdulkareem Khasawneh

Sheikh Na`iem Mujjahid

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Summarized Fatawaa

I have a brother who is harsh in his dealings [with me], and many problems have occurred between us, and I do not intend to reconcile with him. What is the ruling of Islamic Law on that?

All praise is due to Allah, and peace and blessings be upon our master, the Messenger of Allah.
It is not permissible for a Muslim to abandon or boycott his fellow Muslim brother for more than three days. This is based on the saying of the Messenger of Allah, peace and blessings be upon him: "It is not lawful for a Muslim to forsake his brother for more than three [days], meeting each other but one turns away and the other turns away, and the better of the two is the one who initiates the greeting (salam)." (Reported by al-Bukhari.)
A Muslim must strive to end such estrangement (hajr), so as not to fall under the prohibition mentioned in the hadith. If he takes the initiative to reconcile but the other party does not respond, then there is no sin upon him. We remind [ourselves] of the saying of Allah, the Exalted: "And let them pardon and overlook. Do you not wish that Allah should forgive you? And Allah is Forgiving and Merciful." (An-Nur/22). And Allah, the Exalted, knows best.

What do you say about someone who stays up all night on Laylat al-Qadr but misses Fajr prayer?

Such a person has deprived themselves of a great reward. Performing obligatory acts is more beloved to Allah than voluntary acts. Fajr prayer is an obligation, and performing it in congregation is equivalent to worshiping for the entire night. So how can someone neglect it while striving for voluntary prayers?!

Is it incumbent on the fiancée to obey her fiancé?

When the woman settles in her husband`s house, it is incumbent on him to provide for her and it is incumbent on her to obey him. Before that, and if the marriage contract had been concluded, then she is lawfully his wife and thus she should abide by custom in treating him, but if the marriage contract hadn`t been concluded, then she should treat him as a non-Mahram (Marriageable).

What is the virtue of performing ‘Umrah in Ramadan?

Ibn ‘Abbas narrated: "When the Prophet ﷺ returned from his Hajj, he said to Umm Sinan Al-Ansariyyah: ‘What prevented you from performing Hajj?’ She replied: ‘Abu So-and-so (referring to her husband) had two camels—he performed Hajj on one of them, and the other was used to irrigate our land.’ The Prophet ﷺ then said: ‘Performing ‘Umrah in Ramadan is equivalent to Hajj with me.’" [Narrated by Al-Bukhari]
The Prophet ﷺ also said: "An ‘Umrah in Ramadan is equivalent to a Hajj." [Narrated by Al-Tirmidhi]
For those who miss the opportunity to perform ‘Umrah in Ramadan, there are many other ways to earn great rewards. One of them is praying Fajr in congregation, then remaining in the mosque remembering Allah until sunrise, and praying two rak‘ahs.
The Prophet ﷺ said: "Whoever prays Fajr in congregation, then sits remembering Allah until the sun rises, and then prays two rak‘ahs, will receive the reward of a complete Hajj and ‘Umrah—complete, complete, complete." [Narrated by Al-Tirmidhi]

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