What is the ruling on saving in the Aramco company with a fixed profit rate?
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The questioner : In the name of Allah, the Most Gracious, the Most Merciful.
His EminenceThe Shaykh : A fatwa was attributed to you regarding the permissibility of the savings system in the Aramco company, knowing that this system fixes the profit rate from the beginning of the year. So what is your statement? I mean, if a year passes, they guarantee you five percent, and if you complete ten years, they guarantee you a hundred percent interest. So what is your statement regarding this matter, O Shaykh?
The Shaykh : I say: You have done well to ask about what is attributed to us, because many things are attributed to us and to other scholars that are not correct. But some people, if they like something and want people to accept it, they attribute it to one of these scholars so that it will be accepted. Otherwise, we have written a response to this in writing stating that it is not permissible, because it is clear riba (usury or interest). They said: This is a matter of encouragement. We told them: Encouragement is done by other means. For example, encouragement is given to someone who excels in something by increasing their salary or giving them a fixed reward for their excellence. But to take this path is not permissible. We mentioned this, but I do not know, Glorified and Exalted is He, where this fatwa attributed to us came from?
The questioner : No, not close, O Shaykh.
The Shaykh : No, tell the one who raised it that I asked him and he said there is no truth to it, and we see that it is not permissible. And these companies that do this work are profitable because they take money from people and put it in interest-based banks and earn a great profit. It is not their intention to show mercy to people or to be kind to them, but they know where the bone is eaten. Yes, that is right.
The questioner : Okay, what if it is without interest, O Shaykh?
The Shaykh : We do not know; this needs to be studied because...
The questioner : ...
The Shaykh : Yes, okay, there is no objection, please proceed.
His EminenceThe Shaykh : A fatwa was attributed to you regarding the permissibility of the savings system in the Aramco company, knowing that this system fixes the profit rate from the beginning of the year. So what is your statement? I mean, if a year passes, they guarantee you five percent, and if you complete ten years, they guarantee you a hundred percent interest. So what is your statement regarding this matter, O Shaykh?
The Shaykh : I say: You have done well to ask about what is attributed to us, because many things are attributed to us and to other scholars that are not correct. But some people, if they like something and want people to accept it, they attribute it to one of these scholars so that it will be accepted. Otherwise, we have written a response to this in writing stating that it is not permissible, because it is clear riba (usury or interest). They said: This is a matter of encouragement. We told them: Encouragement is done by other means. For example, encouragement is given to someone who excels in something by increasing their salary or giving them a fixed reward for their excellence. But to take this path is not permissible. We mentioned this, but I do not know, Glorified and Exalted is He, where this fatwa attributed to us came from?
The questioner : No, not close, O Shaykh.
The Shaykh : No, tell the one who raised it that I asked him and he said there is no truth to it, and we see that it is not permissible. And these companies that do this work are profitable because they take money from people and put it in interest-based banks and earn a great profit. It is not their intention to show mercy to people or to be kind to them, but they know where the bone is eaten. Yes, that is right.
The questioner : Okay, what if it is without interest, O Shaykh?
The Shaykh : We do not know; this needs to be studied because...
The questioner : ...
The Shaykh : Yes, okay, there is no objection, please proceed.