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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

A man has married a second wife and deprived the first from provision and overnight stay. He spent most of his time and wealth on his second wife. After sometime, the latter got sick and was diagnosed with breast cancer, which made him forsake her in bed and return to his first wife. What is the position of Sharia on this?

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon Prophet Mohammad and upon all his family and companions.
It is forbidden for a woman to forsake her husband in bed without a lawful excuse since this is one of the mutual rights of spouses. When the wife abstains from making love to her husband without a lawful excuse, she is considered sinful. This is because the Prophet (PBUH) said: "If a woman spends the night deserting her husband's bed (does not sleep with him), then the angels send their curses on her till she comes back (to her husband)." [Agreed upon]. And Allah The Almighty Knows Best.

 If a disposable water bottle has the logo (Al-Aziz Water Shop) ,is it allowed to throw it away considering that (Al-Aziz) is one of Allah`s beautiful names?

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon Prophet Mohammad and upon all his family and companions.
You can remove some of the letters so that the word isn`t read as (Al-Aziz). And Allah The Almighty Knows Best.

Is it permissible for a woman to adorn herself with kohl (eyeliner) and go out wearing it?

Kohl is a form of adornment, and it is forbidden for a woman to display her adornment to anyone other than her husband or a Mahram. And Allah Knows Best.

Is it permissible for a person who had vowed to give a certain amount of money to another, but didn`t find the latter to donate that money to the mosque?

In principle, the vowing person should abide by his vow as much as possible. Therefore, if he couldn`t find the person that he had made the vow for, then the vow itself is countless and nothing is due on its maker. However, if the latter happens to find the former later on then, he has to give him that money.

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