What is the ruling on financial associations between individuals?
Machine translationRead the Arabic original
Question:
This is a question about a collective loan.
Answer:
A group of employees or others gathers, and each pays an amount. One of them takes the total, and they take turns; one of them takes it in turn. I see that this is not permissible. I see that this is not permissible because it is a conditional loan. You did not lend to your colleagues except on the condition that they lend to you. And if you say, "I will not lend to you except on the condition that you lend to me," this is not permissible, because it is two sales in one sale, and this is a loan that brings benefit. The Prophet (peace and blessings be upon him) said, "Every loan that brings benefit is riba (usury or interest)." Yes.
This is a question about a collective loan.
Answer:
A group of employees or others gathers, and each pays an amount. One of them takes the total, and they take turns; one of them takes it in turn. I see that this is not permissible. I see that this is not permissible because it is a conditional loan. You did not lend to your colleagues except on the condition that they lend to you. And if you say, "I will not lend to you except on the condition that you lend to me," this is not permissible, because it is two sales in one sale, and this is a loan that brings benefit. The Prophet (peace and blessings be upon him) said, "Every loan that brings benefit is riba (usury or interest)." Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، ما حكم الجمعيات المالية بين الأفراد؟ للشيخ الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.