1- Is it permissible to subscribe to the savings plan in SABIC, and what is the ruling on someone who works in the company as an official responsible for distributing savings funds to employees, yet is not subscribed to it, knowing that the savings plan follows the following: - Every Saudi employee has the right to join the membership of the savings fund from the date of appointment. - The subscriber pays a monthly savings installment of no less than 1% and no more than 15% of their basic salary, deducted directly from the salary. - The monthly savings installment may be increased or decreased once a year with a written notice 30 days in advance. - The company may invest the subscriber's savings if desired, and the company guarantees their basic capital (original savings + company contributions). - The costs of taxes, fees, currency differences, and costs of real estate and bonds are charged to the members' accounts and distributed proportionally to the value of their investments. - The company bears all expenses and costs of managing the savings fund. - The company contributes to each subscriber's account an amount representing 10% of the saved amount in the first year, and this percentage increases annually to reach 100% in the tenth year. - After ten years, the subscriber has the option to continue with the company's 100% contribution, or to liquidate their savings. - If they wish to subscribe again after withdrawal, they must submit a new application after one month, and the rules will apply as if they are subscribing for the first time. - The subscriber may, after one year, temporarily stop deductions with a 30-day prior notice, and resume them after three months. - The subscriber may, in emergency cases, withdraw some or all of their savings or their returns (excluding the company's contribution) a maximum of three times every ten years. - The subscriber may repay the withdrawn savings in one lump sum or in monthly installments (5-30% of their basic salary) within three years. If the amount is not repaid in full, their right to repay the remainder is forfeited, and the company's contribution is calculated based on their actual balance. Upon full repayment, the company's contribution is fully recalculated based on their subscription period.
It is not permissible to participate in an investment program where the company guarantees the employee's capital if it invests the money in its own activities, or if the investment is in a prohibited field such as usurious banks or government bonds. Participation in the program is permissible under two conditions: that the company does not benefit from the employees' funds, and that the investment is in permissible areas outside the company. As for incentivizing the employee with a similar amount, it is permissible if the company invests the money externally, and it is not permissible if it invests it in its own activities, because it is considered a loan that draws benefit.
Summarized from the full answer at Ftawy · reviewed Sep 2, 2026
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