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Resolutions of Iftaa' Board

Resolution No.(34): “Ruling on the Investments of the Social Security Fund for Education through Depositing Funds in Usurious Banks or Purchasing Stocks“

Date Added : 28-10-2015

 
Resolution No.(34): "Ruling on the Investments of the Social Security Fund for Education through Depositing Funds in Usurious Banks or Purchasing Stocks"

Date: 28/11/1413 AH corresponding to 20/5/1993 AD.

The Board has received the following question:

What is the ruling of Sharia on the investments of the Social Security Fund for education, where funds are deposited in the Housing Bank against an interest, stocks are purchased from Jordan-Gulf Bank and General Arabia Insurance Company, development bonds are purchased from Jordan`s Central Bank, debenture bonds of Water Authority are purchased from Jordan`s Central Bank, and stocks are purchased in the Arab International Hotels Company?

Answer: All success is due to Allah.

The Board is of the view that purchasing stocks in a usurious institution is forbidden because it involves employing the invested money in forbidden activities, and this applies to purchasing funds in Jordan-Gulf Bank, development bonds issued by the Central Bank, and debenture bonds of the Water Authority from the Central Bank.

As regards depositing funds in a usurious bank against an interest, such an activity is forbidden as well, and this applies to depositing funds in the Housing Bank against an interest.

However, the permissibility of purchasing shares in companies in general depends on the nature of the activity of such companies, so if the activity is lawful, then purchasing the shares is lawful; if not ,then it isn`t. And Allah Knows Best.

 

Chairman of the Iftaa` Board, Chief Justice Dr.Nooh Al-Qodaat

Acting Mufti General, Sheikh Saeid Hijjawi

Mufti General of Jordanian Armed Forces: Mhamood Shwayat

             Dr. Abdassalam Al-Abbadi

Dr. Ahmad Hilayel

   Dr. Yousef Ghizaan

           Dr. Mahmood Al-Sartawi

             Dr. AbdulAziz Al-Khaiyaat

            Dr. Ibrahim Khash-shaan

       Sheikh Ratib Az-zahir

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Summarized Fatawaa

 I am an employee at Social Security, and I have heard that working with them is forbidden (haram) because they impose an interest rate of 2% on companies and individuals who are late in making payments. Is my job with them haram or questionable?

Please clarify the type of work. If it does not involve the usury (Riba) mentioned, we hope that there is no issue with it, as most of their funds are acquired in a lawful (Complies with the teachings of Sharia) manner. And Allah, The Almighty, Knows Best.

What is the ruling on giving Zakah (obligatory charity) to one`s relatives?

It is impermissible to pay Zakah to one`s origins (parents and grandparents) because providing for them is an obligation on their branches (sons and daughters) if they were poor, but it is permissible to give some of the Zakah money to relatives whose provision isn`t due on the giver of the Zakah.

Is Zakah (obligatory charity) due on the items used in the trading process such as: cars , shops etc..?

No Zakah is due on equipments used in the trading process such as cars and the like.

A man break his fast once during Ramadan and he already have an expiation of fasting for two consecutive months. He fasted for a month and passed away. Is it permissible for his sons to fast the remaining month equally? 

Fasting for expiation must be performed consecutively. I advise his children to feed sixty poor people, giving each one half a kilogram of rice or its monetary equivalent. This is because if a living person is unable to fast, they are required to feed sixty poor people, and death constitutes an inability. And Allah The  Almighty Knows Best.
 
 
 
 
 

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