Resolution No.(54): "Amending the Act of the Post Office Savings Bank"
Date: 15/8/1422 AH, corresponding to 31/10/2001 AD.
The Board has received the following question:
What is the ruling of Sharia on the articles of the post office savings bank act, and any recommended amendments?
After extensive deliberations, the Board decided what follows:
Article (3), Paragraph (B):
(The above savings bank accepts the invested funds, employs them, and gives them back to their owners in accordance with the regulations of this act. It is also allowed to accept funds allocated for investment through a special agreement with the financing party).
The Board is of the view that the following phrase should be added to this paragraph (All of which must adhere to the rules of Islamic Law)
Article (12), Paragraph (B):
(The Board may invite anyone to its meetings for consultation purposes regarding issues presented to it)
The Board is of the view that this article should be amended to read as follows:
(The savings bank has the right to decide investing its reserve, and that the made profits are automatically added to its account, which has accumulated over the years).
The Board is of the view that the word (benefits) stated in this article should be replaced with (profits).
Article (68):
(The Board may, with the approval of the cabinet, lay down the regulations needed for putting the rules of this act into effect).
The Board is of the view that this article should read as follows:
(The Board shall issue the regulations needed for implementing the rules of this act). And Allah Knows Best.
Iftaa` Board