عربي
Home


Resolutions of Iftaa' Board


Resolutions of Iftaa' Board

Resolution No.(43): "Ruling on the Amendments of the Islamic International Arab Bank`s Certificate of Incorporation and Statute"

Date Added : 07-12-2015

 

Resolution No.(43): "Ruling on the Amendments of the Islamic International Arab Bank`s Articles of Association and Statute Regualtions"

Date: 25/7/1420 AH, corresponding to 13/11/1999

We have received the following question:

Do the certificate of incorporation and the statute of the Islamic International Arab bank comply with the rulings of Islamic Sharia?

All perfect praise be to Allah, The Lord of The Worlds; and may His blessings and peace be upon our Prophet Mohammad and upon all his family and companions.

Answer: The Board has decided to approve the amendments indicated in the above letter, and which comply with the rulings of Islamic Sharia, provided that paragraph (D) of article (28) is rewritten to read as follows:

Paragraph (D) The other precautions:

Any percentage of the profits based on the suggestion of the administrative board and the approval of the general authority in favor of any other precautions, regardless of their name or purpose, in the best interest of the company and its course of business, provided that this deduction is made after that of the income tax. And Allah Knows Best.

Chairman of the Iftaa` Board, Chief Justice, The Grand Mufti, Sheikh Izuldeen At-tamimi

Sheikh Sa`eid Al-Hijjawi

Dr. Yousef Ali Ghyzaan

   Dr. Mahmoud Al-Bakheet

   Dr. Abdulsalam Al-Abbadi

Sheikh Sa`eid Shewayat

                     Executive Secretary of the Iftaa` Board, Na`eim Mujahid

Decision Number [ Previous | Next ]


Summarized Fatawaa

I joined a savings club and was scheduled to receive the payout first. My friend asked to take my place in line, so I requested 50 dinars in exchange for letting her have my turn. What is the ruling on this?
 
 
 
 
 

This is impermissible, as it involves taking money without providing something of value in return according to Islamic law. And Allah The Almighty Knows Best.

Is there zakat on social security savings (retirement benefits)?

If the retirement benefits are received, zakat is due on them for one year. Before receiving them, they are not in the person’s possession to be liable for zakat. And Allah Knows Best.

Is it permissible to perform Tayammum for a month due to a medical condition that requires avoiding water?

Tayammum is permissible so long as the above excuse lasts. And Allah Knows Best.

Is it allowed to shave my beard to join the army taking into consideration that I can`t find a job?

All perfect praise be to Allah, the Lord of the worlds. I testify that there is none worthy of worship except Allah and that Muhammad, sallallahu ‘alayhi wa sallam, is His slave and Messenger.

The army should be joined in preparation for Jihad (Fighting in the cause of Allah), so if Jihad contradicts with growing a beard then it is allowed to shave it. And Allah The Almighty Knows Best.  

See More