Is this transaction – which consists of a monthly financial cycle among a group of individuals, where each of them pays an agreed-upon amount and one of the participants receives the total amount by mutual consent at the end of each month, with the condition that no one withdraws and that the last person in the first cycle becomes the first in the next cycle – permissible in Islamic law?
There is no impediment to participating in this course, as it is merely a loan without any stipulated benefit. The condition of completing the course to its end does not cause harm, as it is merely an organizational matter without any detriments.
Summarized from the full answer at Ftawy · reviewed Sep 2, 2026
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