A fatwa has been attributed to you prohibiting what is called the employee association, stating that it is a loan that yields benefit?
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Question:
He says: Honorable Shaykh, may Allah grant you success. We heard a fatwa attributed to you, the gist of which is the prohibition of what is called the employee association, and that it is considered a loan that yields benefit, so it falls under riba (usury or interest). Is this correct?
Answer:
Yes, this is correct, and I wrote it and I say it now. I say that this is a conditional loan within a loan. You lend to your colleagues on the condition that they lend to you when your turn comes. So it is a loan that yields benefit, and a conditional loan within a loan.
He says: Honorable Shaykh, may Allah grant you success. We heard a fatwa attributed to you, the gist of which is the prohibition of what is called the employee association, and that it is considered a loan that yields benefit, so it falls under riba (usury or interest). Is this correct?
Answer:
Yes, this is correct, and I wrote it and I say it now. I say that this is a conditional loan within a loan. You lend to your colleagues on the condition that they lend to you when your turn comes. So it is a loan that yields benefit, and a conditional loan within a loan.
Source
قناة «العلامة الدكتور صالح الفوزان»، [1221 -2802] نُسب لفضيلتكم فتوى بتحريم ما يسمى بالجمعية بين الموظفين، وأنها قرضٌ جر نفعًا؟ — youtube.com
The Arabic text is a machine transcription of the audio recording.