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Resolutions of Iftaa' Board


Resolutions of Iftaa' Board

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

Is buying shares from the Arab Bank permissible?

Buying and selling shares owned by usrious companies is impermissble. And Allah Knows Best.

What is the ruling on cheating to pass High School Exams?

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.
 
The Messenger of Allah said: "Whoever cheats, he/she isn`t one of us." [Moslim]. You should study hard in order to pass and excel. And Allah The Almighty Knows Best.

Is everyone obligated to follow the fatwas of his country, and if we adopt the fatwas of scholars of other countries, is it considered a sin?

All perfect praise be to Allah, The Lord of The Wolrds and may His Peace and Blessings be upon our Prophet Muhammad and upon all of his family and companions.

It is permissible for the person who isn't specialized in Sharia sciences to apply the opinions of renowned scholars whom he trusts ,whether they be from his own country or not ,but if the scholars have different opnions regarding a certain issue/matter, then he must consult someone who is more knowledgeable than himself .It is preferable that you (the questioner) specify the case of your interest ,so that we could give you a more specific answer since some scholars deliver fatwas based on illogical/atypical opinions which should not be applied no matter what .And Allah The Exalted Knows Best.

I used artificial nails on my wedding night, but I was surprised to find out that they require at least a week to remove. However, I performed all my prayers during that period. What is the ruling on those prayers?
 

If these nails prevent water from reaching one's skin then your prayer are invalid and obliged to redo all of them. And Allah Knows Best.

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