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Pensioner Savings Certificate 9772811339

Monthly Al Kawthar•permissible•

Question

At present, our country has introduced a profit-oriented facility only for retired government employees. That is, at the time of retirement, one has to buy savings certificates with the money received from the GP fund and gratuity. Fixed term (3 or 5 years). A fixed profit is paid every three months in return for this saved money. At the end of the term, the principal is fully refunded. This facility is only for government employees. The question is, is it legal to take advantage of this profit? I will be benefited if you give details. It is revealed that it has been declared valid in the monthly Medina. The following are some of the answers related to the monthly Medina:

  1. Fiqh scholars have made it lawful for the government to consider the profit given in GP fund as a grant for the welfare of the employees. The recently introduced pension savings certificate is also considered as halal by the jurists considering it as an extension of the GP fund. (Monthly Medina, June 2006)
  2. The wise scholars of the time agreed that the provident fund, pension, provision and last chance pension savings provided by the government for the employees were halal. Although the profit of these seems to be interest, it is not considered as interest according to the provisions of Shariah. (Monthly Medina, July 2006)
  3. Since it is a special government-controlled scheme for government employees only, the profits from this scheme will not be unfair to government pensioners. (Monthly Medina, December 2004) 5888683988

Answer

- حامداومصلياومسلما، بسم الله الرحمن الرحيم -

The government savings fund that has been set up for government employees is fully interest bearing. It is not like a GP fund. There are many differences with GP funds. Here are two basic differences. A) GP fund is mandatory, but savings fund is not mandatory. An employee may or may not take advantage of this. B) the compulsory GP fund money is not paid to the employee; Rather, it is compulsorily cut for that sector as per the government decision. As a result, the absolute ownership of the employee is not established on this money at this time. Therefore, it cannot be said that with a small deposit, it takes more time; Instead, the whole of the original and additional is being given by the government in return for labor. Which is given to the employee at the end of the job together in the name of gratuity, GP fund etc. Only then is his ownership established. But savings fund deposits are not like that. The money deposited in this sector is already owned by the depositor. In other words, the depositors in the savings fund are taking extra on maturity by depositing their own money, which is obvious interest. The answers regarding this in the monthly Medina are not correct. It is not right to think that if the government makes special arrangements for government officials and employees, it will no longer be an interest-bearing transaction. 5555467923

- والله اعلم باالصواب -

* This Fatwa was translated by Google Translate.
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Source

  • আহকামুল কুরআন, জাসসাস, Part: 1, Page: 464
  • আলবাহরুর রায়েক, Part: 7, Page: 300
  • রদ্দুল মুহতার, Part: 5, Page: 169
  • ইমদাদুল আহকাম, Part: 3, Page: 480
  • জাদীদ মাসায়েল কে শরয়ী আহকাম, মুফতী শফী রাহ., Page: 66

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