Is the interest-bearing and interest-free savings system of the Aramco company permissible?
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The questioner:
I work at the Aramco company, and there is a savings system with interest and without interest. As for investing with interest, the employee receives the interest whenever he wishes. As for the rest of the deposited amount, he receives double the amount after his service ends upon retirement at the age of sixty. As for the second type of investment without interest, the employee receives double the amount after the retirement age of fifty or sixty. When the savings administration is asked how the employee obtains this large amount, they say it is a reward from the company to the employee, and the work and deposited funds are engaged in oil speculation. Is this permissible?
The Shaykh:
The savings system is riba (usury or interest), so it is not permissible to work under the savings system. Fatwas have been issued by the Permanent Committee regarding this, especially the savings at the Aramco company. This contains riba, so the questioner should repent to Allah and leave this work. Yes.
The presenter:
He says:
The Shaykh:
And if they say, they do not tell the truth in their speech. Yes.
I work at the Aramco company, and there is a savings system with interest and without interest. As for investing with interest, the employee receives the interest whenever he wishes. As for the rest of the deposited amount, he receives double the amount after his service ends upon retirement at the age of sixty. As for the second type of investment without interest, the employee receives double the amount after the retirement age of fifty or sixty. When the savings administration is asked how the employee obtains this large amount, they say it is a reward from the company to the employee, and the work and deposited funds are engaged in oil speculation. Is this permissible?
The Shaykh:
The savings system is riba (usury or interest), so it is not permissible to work under the savings system. Fatwas have been issued by the Permanent Committee regarding this, especially the savings at the Aramco company. This contains riba, so the questioner should repent to Allah and leave this work. Yes.
The presenter:
He says:
The Shaykh:
And if they say, they do not tell the truth in their speech. Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، هل يجوز نظام الادخار بفائدة وبدون فائدة من شركة أرامكو؟ #فتاوى الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.