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Last Updated: 2016/12/27
Summary of question
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?
question
Salam. I am a government employee and the government organization offers interest based on incentive for its employee if they submit specific sum of money monthly. So, is this permitted or not? In its term and conditions, one clause says, in case of war your money will be used with no refund. So, can you please reply to my question with reliance on authentic references, if it is permitted or not? Wasalam.
Concise answer
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.
 
Appendix:  The grand maraja’ answer to this question is as follows: [1]
Grand Ayatollah Khamenei (May Allah grant him long life):  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.
Grand Ayatollah Safi Golpayegani (May Allah grant him long life):  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.
Grand Ayatollah Makarem Shirazi (May Allah grant him long life):  Given the supposition made in the questions, taking this interest is considered as haram.
Grand Ayatollah Makarem Shirazi (May Allah grant him long life):  It is considered as a haram act if it is not done under any kind of valid Islamic contracts like Mudarabah and the like.
 

[1] . 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) by IslamQuest Website.
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