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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

What is the ruling on ablution if vaginal discharge is expelled, and is it impure?

If these discharges exit from the external genitalia (apparent part of the vagina), they are not impure and do not invalidate ablution. If they exit from the internal part, they are impure and do invalidate ablution. If it is uncertain whether they are from the internal or external part, they are not impure and do not invalidate ablution.
 
The apparent part is what becomes visible when sitting, and what the husband's penis reaches during intercourse is considered part of the apparent. The internal part is what is beyond that. And Allah the Almighty knows best.

What is the expiation for being forced to give a false testimony in order to achieve reform?

Achieving reform is done by following the way of Allah through giving back rights to whom they belong. Therefore, repenting to Allah from false testimony is only achieved by abrogating it, and the person in question should expiate for that oath if he had taken it, so that Allah may forgive him.

What is the ruling on buying a car from someone for less than the market price, because they are in a hurry to travel and want to sell their belongings at a lower price due to their urgency?

Yes it is permissible; however, a Muslim shouldn't take advantage of other's difficult situations.

My mother inherited a share from my late father`s and brother`s property; however, the inheritance, a piece of land, wasn`t divided amongst the eligible heirs because it was hard to sell. While alive, she used say that she wanted these shares to be distributed amongst the poor and needy. What is the ruling of Sharia on this?

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.
This is a will, so we have to consider the estate she had left behind. If the piece of land, which she had willed, equals one third and less of her estate, then the will must be executed. But, if it is more than one third, then one third must be executed and the rest of the estate, if the heirs agreed, is to be executed  as part of her will as well. However, if the heirs haven`t approved of that, then what remains, excluding that one third, must be divided amongst them according to the Islamic rules of inheritance. Moreover, we recommend that you pay a visit to the Iftaa` Department to make things clearer for you. And Allah The Almighty Knows Best.

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