Participating in the Savings System of the Aramco Company
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Fatwa No. ( 8161 )
Q: I inform you that I am one of the employees of the Arabian American Oil Company (Aramco) in Dhahran , and I wish to participate in this company's savings system, but when I read the booklet explaining this
savings system, a doubt and suspicion arose in me that this system might be a path to consuming what is forbidden, through taking usurious interest. This is because the foundation of this system is depositing the saved funds in usurious banks for a term that carries a fixed interest. Many employees of the aforementioned company have fallen into the trap of this system, and we would like you to clarify to them the ruling on participating in this system with a fatwa to be published in writing among the employees .
A : Participating in the savings system of the Aramco Company is forbidden; because it contains usury of excess and usury of deferment. This is due to the fixed usurious rate it contains, which ranges between 5% (five percent) and 100% (one hundred percent) of the employee's saved funds, as well as the bonus given to the saving employee over the non-saving employees, as stated in its savings system.
Q: I inform you that I am one of the employees of the Arabian American Oil Company (Aramco) in Dhahran , and I wish to participate in this company's savings system, but when I read the booklet explaining this
savings system, a doubt and suspicion arose in me that this system might be a path to consuming what is forbidden, through taking usurious interest. This is because the foundation of this system is depositing the saved funds in usurious banks for a term that carries a fixed interest. Many employees of the aforementioned company have fallen into the trap of this system, and we would like you to clarify to them the ruling on participating in this system with a fatwa to be published in writing among the employees .
A : Participating in the savings system of the Aramco Company is forbidden; because it contains usury of excess and usury of deferment. This is due to the fixed usurious rate it contains, which ranges between 5% (five percent) and 100% (one hundred percent) of the employee's saved funds, as well as the bonus given to the saving employee over the non-saving employees, as stated in its savings system.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.