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Subject : Doubling Subscriber`s Solidarity Savings at End of Service

Fatwa Number : 3358

Date : 11-02-2018

Classified : Current Financial Issues

Fatwa Type : Search Fatawaa

Question :

Article(4) of the Social Solidarity System (Solidarity Funds) of the Higher Youth Council Law stipulates that a beneficiary who has completed five years of subscription is entitled to receive double the amount of his/her savings in case of retirement, death or becoming sixty. Is this lawful or forbidden?

The Answer :

All perfect praise be to Allah, The Lord of The Worlds, and may His peace and blessings be upon Prophet Mohammad and upon all his family and companions.

It is permissible to lay down regulations for such funds, and the condition mentioned in the above question doesn`t involve any violation of Shariah and thus it must be abided by since the Prophet(PBUH) said, "Muslims are on (i.e. stick to) their conditions."{Related by Al-Hakim}. And Allah knows best.



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