The Prophetic Guidance in ... Date Added: 11-02-2024

The General Rules of Sharia ... Date Added: 07-02-2024

The Initiative of the ... Date Added: 06-02-2024

The Promotion of Sexual ... Date Added: 05-02-2024

Some Etiquettes of Dua` and ... Date Added: 15-02-2024

The Objectivity of the ... Date Added: 14-02-2024

Methods of Prevention and ... Date Added: 13-02-2024

What is Recommended for the ... Date Added: 12-02-2024

Search Fatawaa


Subject : Islamic Ruling on the Contracts of the National Electricity Company Savings Fund

Fatwa Number : 3806

Date : 20-09-2023

Classified : Current Financial Issues

Fatwa Type : Search Fatawaa


Question :

What is the Islamic ruling on the Savings Fund of the National Electricity Company and the Murabaha contracts dealt with by the Fund? (See attached copy).



The Answer :

All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

After reviewing the following contracts: (Murabaha Contract for the Purchase Orderer of cars, regulatory instructions for commercial financing for employees, and the National Electricity Company's Savings Fund Regulation No. (5/1997), there doesn't appear to be any Shariah violations that would necessitate prohibiting these contracts. Therefore, these contracts are considered valid from a Shariah perspective, and their Shariah consequences are applicable.

However, the responsibility for the proper implementation of the contract`s Sharia terms lies with the management of the Fund.

We recommend appointing a Sharia supervisor and auditor to ensure the proper implementation of the mentioned contracts. We also advise the contracting parties to read the contract before signing it to ensure clarity and understanding between them. And Allah the Almighty knows best.

 






Comments

 

Name *

E. mail Address *

Country

Comment Title *

Comment *

Captcha
 
 

Warning: this window is not dedicated to receive religious questions, but to comment on topics published for the benefit of the site administrators—and not for publication. We are pleased to receive religious questions in the section "Send Your Question". So we apologize to readers for not answering any questions through this window of "Comments" for the sake of work organization. Thank you.