The ruling on saving in a company by deducting from the salary
Machine translationRead the Arabic original
Question:
He says: What is the ruling on saving in the Aramco company, knowing that I am an employee there? The method of saving is that they deduct a small percentage from his salary every month, such as five hundred riyals, and return it to him later, close to one million riyals?
Answer:
A fatwa has been issued by the Permanent Committee forbidding participation in this saving scheme because it is riba (usury or interest). They take a small amount of money from you and then add an increase to it. This is riba. They trade with it.
They trade with it through riba. They deduct from the employees' salaries and trade with it through riba and banks. Then they return the amount to its owner along with an increase from the riba they obtained. Therefore, it is not permissible. However, if they took it from your salary and traded with it in a permissible manner, trading with it in a permissible way, this would be considered a mudarabah (profit-sharing partnership), and there is no harm in that. But the reality is that they trade with it in banks through riba interest, then they give you some of its profits along with your principal capital, and they take the rest. Yes.
The presenter:
May Allah reward you.
He says: What is the ruling on saving in the Aramco company, knowing that I am an employee there? The method of saving is that they deduct a small percentage from his salary every month, such as five hundred riyals, and return it to him later, close to one million riyals?
Answer:
A fatwa has been issued by the Permanent Committee forbidding participation in this saving scheme because it is riba (usury or interest). They take a small amount of money from you and then add an increase to it. This is riba. They trade with it.
They trade with it through riba. They deduct from the employees' salaries and trade with it through riba and banks. Then they return the amount to its owner along with an increase from the riba they obtained. Therefore, it is not permissible. However, if they took it from your salary and traded with it in a permissible manner, trading with it in a permissible way, this would be considered a mudarabah (profit-sharing partnership), and there is no harm in that. But the reality is that they trade with it in banks through riba interest, then they give you some of its profits along with your principal capital, and they take the rest. Yes.
The presenter:
May Allah reward you.
Source
شرح كتاب الكبائر للإمام محمد بن عبد الوهاب، بداية من باب ما جاء في غش الرعية — islamhouse.com (1:11:07)
The Arabic text is a machine transcription of the audio recording.