The Ruling on Employee Savings Clubs and the Hadith: Every Loan That Brings a Benefit
Machine translationRead the Arabic original
Question:
The questioner, Sa'd 'Abd Allah, says: Honorable Shaykh, this matter has truly worried me greatly, and I want to ask Shaykh Salih (may Allah preserve him), because for many years now we have been running a savings association among our colleagues at the office for about seven years. I read the hadith, "Every religion is..."Bulugh al-Maram 7:99 or as he (peace and blessings be upon him) said. Does this apply to an association like ours, where each person's turn comes up every month?
Answer:
This association is called the employees' association or the proximity association. I hold that it is not permissible because it is a loan that brings a benefit, whereas some contemporary scholars hold that it is permissible. In any case, avoid it and stay away from it.
The presenter:
May Allah reward you with good,
The questioner, Sa'd 'Abd Allah, says: Honorable Shaykh, this matter has truly worried me greatly, and I want to ask Shaykh Salih (may Allah preserve him), because for many years now we have been running a savings association among our colleagues at the office for about seven years. I read the hadith, "Every religion is..."
loan, which leads to a benefit, is usury
قَرْضٍ جَرَّ مَنْفَعَةً فَهُوَ رِبًاAnswer:
This association is called the employees' association or the proximity association. I hold that it is not permissible because it is a loan that brings a benefit, whereas some contemporary scholars hold that it is permissible. In any case, avoid it and stay away from it.
The presenter:
May Allah reward you with good,
Source
نور على الدرب - الفوزان - 03/146 — archive.org (14:14)
The Arabic text is a machine transcription of the audio recording.