A Cooperative Fund Among Employees
Machine translationRead the Arabic original
Q: If, for example, twenty people form a cooperative in which each person pays 500 riyals per month without a fixed term, and if a person faces a problem or wishes to take a specific amount, he submits a written request. The requests are then presented to elected members of the cooperative who review them and determine the order of priority. The person must repay the amount in easy installments in addition to the regular monthly installment of 500 riyals. If a person wishes to withdraw from the cooperative, all his dues are settled.
We hope you will kindly inform us of the ruling on this matter and send it to the office fax in Jeddah (.....). We ask Allah to record for you a great reward and recompense and to place it in your scale of good deeds.
A: As long as this cooperative lends to its members in times of need without riba (usury or interest), and as long as it facilitates the repayment of installments and helps alleviate their problems, it is an act of righteousness that Allah has commanded the believers to cooperate in, as He said:[Al-Ma'idah 5:2]. And what you mentioned regarding the fact that if any person wishes to withdraw from the cooperative, all his dues are settled, this is the requirement of valid partnership contracts, and there is no harm in that. May Allah guide you and assist you.
We hope you will kindly inform us of the ruling on this matter and send it to the office fax in Jeddah (.....). We ask Allah to record for you a great reward and recompense and to place it in your scale of good deeds.
A: As long as this cooperative lends to its members in times of need without riba (usury or interest), and as long as it facilitates the repayment of installments and helps alleviate their problems, it is an act of righteousness that Allah has commanded the believers to cooperate in, as He said:
And cooperate in righteousness and piety, but do not cooperate in sin and aggression.
وَتَعَاوَنُوا عَلَى الْبِرِّ وَالتَّقْوَى وَلا تَعَاوَنُوا عَلَى الإِثْمِ وَالْعُدْوَانِ
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.