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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

What is the ruling on having brotherly ties between a strange man and a strange woman, and is the former considered a Mahram(unmarriageable) to the latter?

Such a relation between a strange man and a strange woman is forbidden in Islam because it involves forbidding what Allah has allowed by marriage, and allowing what Allah has forbidden such as looking and the like. Such a relation doesn`t render any act lawful between them, thus they are forbidden to look at each other, have a Khulwah(seclusion), and travel together.

What should the man, whose wife wasn`t on good terms with his mother, do?

Both the mother and the wife have rights on the man in question; therefore, each should be given her rights justly, and he should resort to wisdom to please both of them and make reconciliation.

Is Iddah (waiting period) incumbent on an old lady whose husband had died?

Upon the death of the husband, Iddah is incumbent on the wife regardless of her age.

Is it permissible to pay the expiation of an oath to a charitable party as it feeds the poor and needy such as Tkiyet Um Ali?

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

There is no harm on authorizing someone to handle the expiation of another to the poor and needy, since Shafiee's jurists stated that authorizing someone for the purpose of distributing Zakah, expiation and vow is permissible as stated in [Mughni Al-Muhtajj, vol.3 pp.237]. At last, the intention of the person who intends to authorize someone else suffices in this regard. And Allah Knows Best.

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