Stores which deal in Riba (usury

Q: The Saudi Travelers Cheque Company (STCC) is a Saudi company that was established by a Royal decree in 1984. The company is owned by eight Saudi banks and is supervised by the Saudi Arabian Monetary Agency (SAMA). The company issues in Saudi Riyals travelers’ checks and Hajj checks for the pilgrims who come to Saudi Arabia from Arab and Islamic countries. In this way the pilgrims have a unified means of payment acceptable by most of the shops, hotels, and the branches of banks in the Kingdom of Saudi Arabia. The company indemnifies lost and stolen checks through its many branches, which are widespread, especially in the Western Province of the Kingdom of Saudi Arabia where the Sacred Places lie. These checks are usually marketed (Part No. 15; Page No. 25) in the previously mentioned countries through a prepaid system or by a specific agreement between the two parties, whereby money is deposited directly in the company’s account. It is worth mentioning that the company does not receive any commission from the pilgrims. The money from the sold checks is deposited in the company’s account for an interest rate agreed between the bank and the company. This is the only option available to invest this money during the period when the pilgrims have their checks, according to the company's policy and the directions of the board of directors in this regard. There is no need to engage in any other type of investment, as the checks are expected to be cashed at any time all week long. To sum up, I am the general manager of this company, and its real income is the returns from these checks until they are cashed. I hope that you will give me a Fatwa (legal opinion issued by a qualified Muslim scholar) regarding the salary that I receive from this company, so that I can do what is necessary about this matter that has occupied me for a while. My current duties and responsibilities can be summarized as follows:1. General supervision of the workflow in the company’s departments, according to their stipulated objectives. (Part No. 15; Page No. 26) 2. Direct supervision of the company’s marketing plans.3. Contacting those in charge of the Hajj and `Umrah delegations to benefit from the company’s products.4. Contacting governmental and non-governmental bodies in the Kingdom to resolve any difficulties faced by the company.5. Signing the transaction agreements for the travelers’ and Hajj checks in Saudi Riyal.6. Preparing the agendas for the board of directors’ and the executive committee meetings.7. Preparing procedures and suggestions to help in the development of the work.8. Approving the appointment or dismissal of company employees.9. Approving and reviewing the company’s estimated budget before submitting it to the executive committee.10. Authorized to jointly sign the company’s accounts. Finally, please accept my best regards and may Allah reward you with the best.