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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

What are the Sunnahs and etiquettes related to the slaughtering of an animal?

 

Praise be to Allah, and peace and blessings be upon our master, the Messenger of Allah.
 
1-The animal should not be terrified or frightened before it is slaughtered.
 
2-An animal should not be slaughtered in front of other animals.
 
3-It is recommended to offer water to the animal before it is slaughtered.
 
4-The knife must be sharpened before the slaughter to ensure that the esophagus, trachea, and jugular veins are severed as quickly and cleanly as possible. This is based on the Prophet’s (peace be upon him) saying: "Verily, Allah has prescribed Ihsan (excellence/proficiency) in all things. So, if you kill, kill well; and if you slaughter, slaughter well. Let each one of you sharpen his blade and let him spare the animal unnecessary suffering." [Narrated by Muslim].
 
5-One must not begin skinning or butchering the animal until its death has been fully confirmed.
 
6-Cows and Sheep: It is best to slaughter them while they are lying on their left side, facing the Qiblah. The right hind leg should be left untied so the animal can move it, which helps it remain more comfortable during its final moments. Unlike other livestock, it is preferred to perform Nahr (slaughtering by a swift stab at the base of the neck) while the camel is standing, with its left knee tied. And Allah the Almighty knows best.

What is the ruling on congratulating others on the arrival of Ramadan?

Congratulating others on the arrival of Ramadan is permissible.
If someone does it to express their love for worship and the blessings of Ramadan, and congratulates their fellow Muslim, they have done something good.
The Prophet ﷺ said: "Shall I not tell you something that, if you do it, you will love one another? Spread peace (Salam) among yourselves." [Narrated by Muslim]
Giving Salam is a prayer for peace and safety.

What type of illness that permits breaking the fast in Ramadan?

It is an illness that, if one fasts, there is a fear it may lead to their death or cause unbearable hardship.

Is it permissible for an elderly person, a pregnant woman, or someone with a chronic illness to pay fidyah before Ramadan begins?

It is not permissible for an elderly person, a pregnant woman, or someone with a chronic illness to pay fidyah before Ramadan begins.
Additionally, it is not allowed to pay fidyah for more than one day in advance, because fidyah is a substitute for fasting, and fasting is not yet obligatory at that time.
However, it is permissible to pay fidyah for a single day in advance, by analogy with paying zakat up to one year in advance.

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