Question 167: A Pakistani government organization offers interest to their employee in exchange for some money the employee should invest, but with a term in which the probability of returning back their investments is small. Is it permissible to take such interest?
Answer 167: According to some scholars, there would be no problem to take such interest if it is given under a valid legal contracts like Mudärabah (A contract, entered into by two persons on the condition that the stock or Rãs al-Mãl in trade shall belong to one of them, and the labor to another, and in case profit is accrued, it should be divided between both of them. If the whole profit is stipulated to go to the proprietor (of the stock) it is called “Bida’ah, Hibah (donation) moawaddah (exchange contract), advocacy for business or Musharakat (partnership). According to other scholars, it is an example of haram usury.
The grant maraja’ answer to this question is as follows:
Ayatollah Khamenei (ha): There is no problem in it if it is done under moawaddah contract or the like. If you lend it, you are not allowed to take this interest.
Ayatollah Safi Golpayegani (ha): It is impermissible to take interest if you stipulate a condition by which they have to pay back its interest. If they themselves give you the interest there would be no problem to take it.
Ayatollah Makarem Shirazi (ha): Given the supposition made in the questions, taking this interest is considered as haram.
Ayatollah Noori Hamadani (ha): It is considered as a haram act if it is not done under any kind of valid Islamic contracts like Mudarabah and the like.[i]
For further information in this regards, please refer to the following answer:
Index: Rules on taking an interest-based loan before reverting to Islam, answer 293.
Index: Bank Interest / Investment in the Stock Market, answer 604.
[i] . This question has been sent to the office of grand Ayatollahs Khamenei, Safi Golpayegani, Makrarem Shirazi and Noori Hamedani (May Allah grant them long life).