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Resolutions of Iftaa' Board

Resolution No.(87): “Ruling on Purchasing Stocks of a non-Islamic Bank“

Date Added : 25-02-2020

Resolution No.(87) by the Board of Iftaa`, Research and Islamic Studies: “Ruling on Purchasing Stocks of a non-Islamic Bank“

Date: 2/4/1426 AH, corresponding to 11/5/2005 AD

 

Question: What is the ruling of Sharia on purchasing stocks of a non-Islamic bank?

Answer: All success is due to Allah.
The Board is of the view that purchasing stocks of non-Islamic banks is forbidden in principle because Allah The Almighty Says {what means}: “Those who devour usury will not stand except as stand one whom the Evil one by his touch Hath driven to madness. That is because they say: "Trade is like usury," but God hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for God (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (for ever).” {Al-Baqrah/275}. One who has purchased such stocks and wants to make repentance should suffice by taking his money{capital} without any increase, for Allah, The Almighty Says in this regard {what means}: “O ye who believe! Fear God, and give up what remains of your demand for usury, if ye are indeed believers. If ye do it not, Take notice of war from God and His Apostle: But if ye turn back, ye shall have your capital sums: Deal not unjustly, and ye shall not be dealt with unjustly.” {Al-Baqarah 278/279}. Therefore, it is imperative that he/she takes back his/her money {capital} without any increase since what is begotten through a forbidden act is forbidden as well. And Allah Knows Best.

 

Board of Iftaa`
Chairman of the Iftaa` Board, Chief Justice, Izzaldeen At-Tamimi
Dr. Abdulsalam Al-Abbadi                        Dr. Yousef Ghyzaan
Sheikh Saeid Hijjawi                                  Sheikh Naeim Mojahid
Sheikh AbdulKareem Al-Khasawneh      Dr. Wasif Al-Bakri
Dr. Abdulsalaam Al-Salaheen                   Dr.Abduaziz Al-Khayaat

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Summarized Fatawaa

What are the pillars of fasting?

The pillars of fasting are intention and abstaining from all nullifiers of fasting from dawn to sunset.

Is it valid to perform the obligatory prayer while sitting?

 

Praise be to Allah, and peace and blessings be upon our Master, the Messenger of Allah.
 
Standing (Al-Qiyam) while having the ability to do so is one of the pillars (Arkan) of the prayer; the obligatory (Faridah) prayer is not valid without it. However, whoever is unable to stand may pray sitting down. As for voluntary (Nafilah) prayers, it is permissible to pray them sitting even if one is able to stand, but the one sitting receives half the reward of the one who prays standing. And Allah the Exalted knows best.

How many Rak`ahs (unit of prayer) are offered in Witr prayer?

All perfect praise be to Allah, The Lord of The Worlds                                                                                                                                                                  Witr (an odd number prayer performed between Isha`a and Fajr) is offered with a minimum of one Rak`ah, and a maximum of eleven, but offering three Rak`ahs is the minimum of its complete form. And Allah Knows Best.

Is it permissible to fast the six days of Shawwal before making up for the missed fasts of Ramadan?

● If a person missed fasts due to a valid excuse, they may fast the six days of Shawwal before making up for Ramadan fasts, because qada (makeup fasts) in this case can be delayed, while the six days of Shawwal must be observed within Shawwal.
● However, if a person missed fasts without a valid excuse, they must make up for the missed fasts immediately after Eid, before fasting the six days of Shawwal. If they fast the six days first, it is valid, but they must still make up for the missed Ramadan fasts afterward.
It is also permissible to combine the intention of qada (makeup fasts) and the six days of Shawwal in one fast. However, it is better to fast them separately, as this increases the reward and avoids scholarly disagreement regarding combining intentions.

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