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The Law of Working and Saving at Savings and Loans Cooperatives

ASKING:

Assalamualaikum. chaplain

Sorry I want to ask, how is the law of working in a savings and loan cooperative and saving money in the cooperative?

Thank you in advance.

Salam,

Fulanah

ANSWER:

Wa'alaikumussalam warahmatullahi wabarakatuh.

The savings and loan cooperative is very good and has many benefits, both for members and for other people who can benefit from it. Especially, if the savings and loan system uses methods that are permitted by Allah SWT as God, the Almighty Manages all human affairs, from matters of worship to muamalah.

Maybe there are some of our brothers and sisters who are Muslim and entrusted with managing the savings and loan cooperative. So our advice is to use a system that is more beneficial to both parties.

Muamalah contract in Islam is an important thing. Therefore the cooperatives that we manage can be adjusted to sharia contracts, for example: profit sharing (in terms of a productive nature), buying and selling (murabaha) both cash and credit, etc., and avoiding the imposition of interest (interest).

Not all cooperatives that do not use the sharia label, are not syar'i, as long as their management uses Islamic values.

Especially for loans that are of a health nature and urgent needs, it is best if the cooperative has a social unit that can provide social loans quickly and immediately without charging interest. In fact, if you want more blessings, such funds are not lent, but donated.

Therefore, related to saving in cooperatives or other transactions can be adjusted with Islamic values.

Regarding working in a cooperative, it can be a part of da'wah to work with the board and other members to improve the existing system so that it is compatible with the Islamic economic system. DSN-MUI fatwas and cooperative management using the sharia system can be used as references.

Thus, wallaahu a'lam bish-showâb.

Regards!

Answered by: Ustadz H. Ahmad Fauzi Qosim.

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