
I would like to know the Shariah solution regarding Provident Fund 8214358492
Ahle Haq Bangla Media Service•bank insurance•
Question
I am one of the regular reader of your blog By the grace of Allah, All are you in happiness. I uploaded a MS Word sheet with their condition of Provident Fund. Could you please read and give me a suggestion? Jajak Allah please tell me if these rules are legal? 1. At the rate of 10% of the basic salary per month and a maximum of Rs. 2. If the term of the Provident Fund is less than 7 (a) 3 years, 100% + dividend of the member's deposit. (B) 3 years or more than 3 years but less than 5 years 100% of the deposit of the member + 50% of the organization + dividend. (C) In case of 5 years or more, 100% of the deposit of the member + 100% of the organization + dividend. (D) If any member dies in less than 3 years (excluding suicide), the nominee / nominees of that member will be paid double the amount of money deposited. Note that if any member voluntarily resigns or is dismissed, he will be able to withdraw money from the Provident Fund as per the above rules. 3. There will be a board of trustees to manage the provident fund. At the end of each year, the account of the amount deposited and dividend of the Provident Fund will be reported to each member in the form of a report. 4. The money deposited by the Provident Fund will also be available to the Bangladesh National Board of Revenue as an investment in determining income tax as per the prevailing rules. 5. Being a member of the Provident Fund is not compulsory. 3211221925
Answer
- حامداومصلياومسلما، بسم الله الرحمن الرحيم -
Investing money in the said provident fund in proportion to the above details will not be valid from Shariah point of view. For a few reasons. Which I don't think needs to be quoted here. However, if certain issues are included in the agreement, then it will be valid according to Islamic Sharia. At the same time it will be legal to keep money in it and accept dividends. E.g.
- The money deducted from the provident fund by the authority should be guaranteed to earn money by doing business which is permitted by Shariah.
- Mudaraba or Musharaka should be mentioned as having completed the agreement with the authorities at the time of depositing the money or making the agreement to keep the money in the provident fund. Note that in this case, Mudaraba and Musharakar will conduct the business keeping in view the Shariah conditions. A total of 6 conditions for the Mudaraba agreement to be valid. E.g.
- The contracting person must be a person of conscience. And the people in authority must be qualified to represent others in doing business. Experienced in business and trade, able to perform tasks etc.
- The assets to be deposited with the authorities must be in cash. The contract will not be valid if it is an object or product.
- How much money is being deposited should be clearly stated in the contract or paperwork.
- Must deposit cash. You do not have to submit a loan. That is to say, the authority should take it as Mudaraba without telling the salary receivable authority. However, if the authority has asked you to take it after signing that it has been removed, then the agreement will be valid.
- The money given as Mudaraba has to be paid by the authority completely separately. Ownership cannot be financier. That means the money has to be paid separately to the authorities.
- It should be clearly stated that the authority and the depositor will be involved in the dividend. The Mudaraba agreement will not be valid if a person's full dividend is determined.
- There should be an agreement between the authority and the depositor that the dividend will be distributed as percentage, not of a specific amount. For example, if one lakh rupees is deposited, two thousand rupees will be given every month. If such an agreement is made, the agreement will be invalid. However, if it is said that the financier will get a certain percentage of the profit that will come in a month and the authorities will get such a percentage, then the agreement will be valid. And the nominee will get as much as the original depositor would get as a percentage of his deposited money if he was alive. It will not be permissible to make an agreement to get extra money. If the above seven conditions are met, it will be assumed that the agreement has been executed correctly on the basis of Mudaraba. Otherwise it will not happen. So if you want to justify your company's provident fund deposit and dividend payment agreement, do not agree to the above conditions. Then your agreement will be valid. It will be permissible to deposit money and take profit. If money is deposited in the provident fund without considering the above conditions, and its dividend is taken, then it will be considered as interest, and it will be considered as haraam contract. Note: Hindi-4/296, 6/71, 4/26, Badayeus Sanaye-7/63, 64, Alfiqbahul Islami-4/648, Hindi-4/265, 26, Badaye-7/85, Kamusul Fiqh-5 / 119-120, Itare Hidaya-215-218, Majallatul Ahkamil Adliyah-362-373, Madda-1406-1412. 3742694914
- والله اعلم باالصواب -
* This Fatwa was translated by Google Translate.
To see the original click here
Source
- হিন্দিয়া, Part: 4, Page: 296
- হিন্দিয়া, Part: 4, Page: 286
- বাদায়েউস সানায়ে, Part: 6, Page: 83
- আলফিক্বহুল ইসলামী, Part: 4, Page: 846
- বাদায়ে, Part: 6, Page: 85
- কামূসুল ফিক্বহ, Part: 5, Page: 119
- ইতরে হিদায়া, Page: 215
- মাজাল্লাতুল আহকামিল আদলিয়্যাহ, Page: 362
- মাদ্দা, Page: 1,408
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