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
