Fatwa: # 45825
Category: Jurisprudence and Rulings...
Country: African Country
Date: 27th July 2020

Title

Is it permissible to buy shares in a certain company with money that was given as waqf to a musjid?

Question

Assalamu Alaykum

If a masjid has a lot of money, millions more than what is needed to run the masjid. Currently there is no plan to renovate or extend the masjid nor is there a need to do so. This money came from dividend received from shares of a cement company; these shares were made waqf for the masjid. The dividend money is just getting more and more each year in a current account (so no interest) of a non islamic bank. Instead of leaving this money in a non islamic bank, can some of it be used to buy more shares of the cement company to increase the masjid funds through more dividend. Can this Ibarat be used as a proof of this?

الْفَاضِلُ مِنْ وَقْفِ الْمَسْجِدِ هَلْ يُصْرَفُ إلَى الْفُقَرَاءِ؟ قِيلَ: لَا يُصْرَفُ وَأَنَّهُ صَحِيحٌ وَلَكِنْ يَشْتَرِي بِهِ مُسْتَغَلًّا لِلْمَسْجِدِ، كَذَا فِي الْمُحِيطِ. (الفتاوى الهندية 2/463

If it's jaiz then must the masjid committee  agree that if and when there is a need to renovate or extend the masjid and there's not enough money then they'll sell these shares and if they sell it for less than what they bought it for, they will take the money out of their own pockets to complete the original amount? The masjid committee does not want to just leave this much amount of money without any benefit.

If it's not permissible to buy shares then should the masjid committee deposit this money in an islamic bank instead, so that each month, the masjid will get some profit? They do not have the facility to keep this much amount of money by themselves. And before depositing in the bank, must they also agree that if the bank becomes bankrupt and the money is lost then they must take the money out of their own pockets too?

Or should the masjid committee leave this money in the current account of a non islamic bank as is?

Jazakallah

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

 

Respected Brother,

The principle of dealing with waqf is to consider the intention of the waqif and the overall benefit of the waqf.

In the enquired situation, if the waaqif (donor) of the shares is known, refer the issue to him. If he permits to purchase more shares with the dividends received from the donated shares, and there is a strong probability of an increase in the profits, then it will be permissible.[1]

If the Waaqif cannot be contacted, then the appointed trustees may make a decision to purchase shares with the dividends if this is in the best interest of the Waqf.[2] [3]

The trustees may also consider investing the money in an investment account of an Islamic bank. If the trustees of the Waqf have made an honest and diligent decision in the best interest of the Waqf fund, then they will not be responsible for any losses.

And Allah Ta’āla Knows Best

Abdullah Noorgat

Student Darul Ifta

South Africa

Checked and Approved by,
Mufti Ebrahim Desai.

 


[1] تحفة الفقهاء (3/ 376)

وَتَكون رَقَبَة الأَرْض على ملكه يجوز لَهُ بَيْعه والتصرفات فِيهِ

الهداية في شرح بداية المبتدي (3/ 20)

وأما فصل الولاية فقد نص فيه على قول أبي يوسف، وهو قول هلال أيضا وهو ظاهر المذهب. وذكر هلال في وقفه وقال أقوام: إن شرط الواقف الولاية لنفسه كانت له ولاية، وإن لم يشترط لم تكن له ولاية. قال مشايخنا: الأشبه أن يكون هذا قول محمد، لأن من أصله أن التسليم إلى القيم شرط لصحة الوقف، فإذا سلم لم يبق له ولاية فيه. ولنا أن المتولي إنما يستفيد الولاية من جهته بشرطه فيستحيل أن لا يكون له الولاية وغيره يستفيد الولاية منه، ولأنه أقرب الناس إلى هذا الوقف فيكون أولى بولايته، كمن اتخذ مسجدا يكون أولى بعمارته ونصب المؤذن فيه، وكمن أعتق عبدا كان الولاء له لأنه أقرب الناس إليه.

النهر الفائق شرح كنز الدقائق (3/ 324)

وإن جعل الواقف غلة الوقف لنفسه أو جعل الولاية إليه صح

وقوله: إن شرط الواقف يراعى كالنصوص مراده أنه يجب العمل به كالنصوص وهو خلاف ما قاله العلماء، قال شيخ الإسلام: قولهم شرط الواقف كنص الشارع أي: في الولاية والفهم

 

 

[2] المحيط البرهاني في الفقه النعماني (6/ 215)

وذكر الشيخ الإمام الأجل شمس الأئمة الحلواني في نفقاته عن مشايخ بلخ: أن المسجد إذا كان له أوقاف ولم يكن لها متولي، فقام واحد من أهل المحلة في جميع الأوقاف وأنفق على المسجد فيما يحتاج إليه من الحصير والحشيش وغير ذلك لا ضمان عليه فيما فعل استحساناً فيما بينه وبين الله تعالى، فأما إذا أخبر الحاكم بذلك وأمر به عنده ضمنه الحاكم الفاضل من وقف المسجد، وهل يصرف إلى الفقراء؟ قيل: لا يصرف وإنه صحيح ولكن يشتري به مستغلا للمسجد

الفتاوى الهندية (2/ 463)

الْفَاضِلُ مِنْ وَقْفِ الْمَسْجِدِ هَلْ يُصْرَفُ إلَى الْفُقَرَاءِ؟ قِيلَ: لَا يُصْرَفُ وَأَنَّهُ صَحِيحٌ وَلَكِنْ يَشْتَرِي بِهِ مُسْتَغَلًّا لِلْمَسْجِدِ، كَذَا فِي الْمُحِيطِ.

 

 

[3] العقود الدرية في تنقيح الفتاوى الحامدية (1/ 212)

نَعَمْ؛ لِأَنَّ لِلنَّاظِرِ التَّصَرُّفَ فِي الْوَقْفِ بِمَا فِيهِ الْحَظُّ وَالْمَصْلَحَةُ وَحَيْثُ عَرَضَ الْمُتَوَلِّي

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