Funds In A Kitty
Question
Work colleagues were discussing about a sum of money each month and each month someone will collect a set amount.
e.g. 5 persons namely A, B, C, D & E each put in R100.00 into a kitty for 5 months and each person will take turns to collect a monthly accumulated amount. Is this permissible?
Answer
There is no problem with the 5 members contributing towards the kitty and each one taking a turn to receive a lump sum every month. At the end of 5 months, each one would have taken a turn to receive his lot, whilst receiving nothing more than the total amount contributed by him in the five month period. It will be as though all the contributors gave a loan to the person whose name appeared first and then second and so forth.
References (Arabic / Urdu sources)
Fataawa Darul Uloom Zakariyya Pg.460 Vol.5
- Approved by
- Mufti Muhammed Saeed Motara Saheb D.B.
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