The Savings Fund of the Electricity Company
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Fatwa No. ( 7146 )
Q: I ask you to kindly review the regulations for the savings fund of the Saudi United Electricity Company in the Central Region, and to inform me of the ruling of Allah, the Exalted, in such a case. May Allah guide you and keep your steps steady, and inspire us and you with the truth in speech and action, for He is the All-Hearing, the Responsive. .
A: After the Committee studied the inquiry and the regulations of the savings fund of the Electricity Company in the Central Region, it issued a ruling that the savings fund is treated as a riba-based transaction, as stated in Article Nine of the regulations; because in reality, what the worker contributes to the fund is in the nature of a loan for which the owner receives interest.
Q: I ask you to kindly review the regulations for the savings fund of the Saudi United Electricity Company in the Central Region, and to inform me of the ruling of Allah, the Exalted, in such a case. May Allah guide you and keep your steps steady, and inspire us and you with the truth in speech and action, for He is the All-Hearing, the Responsive. .
A: After the Committee studied the inquiry and the regulations of the savings fund of the Electricity Company in the Central Region, it issued a ruling that the savings fund is treated as a riba-based transaction, as stated in Article Nine of the regulations; because in reality, what the worker contributes to the fund is in the nature of a loan for which the owner receives interest.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.