AOA WRWB
I have islamic financing question to discuss with all muslim guppies. Non muslims please don’t try to derail the thread.
Some one in my immediate family in Pakistan wants to invest in the National Welfare “Behbood” scheme of the Govt. They have asked my opinion. I personally don’t know whether this scheme to be any different than the contemporary schemes in Pakistan. So my assumption is that it is proabably also based on Accrued Interest sharing and hence is not permissible.
Does any one know facts about this program? And the question is specific to the “Behbood” scheme.
Jazakum Allahu Khairan
ASAK
Re: Permissibility of National Savings Scheme in Pakistan
All the NSS offers are interest based. Majority of the pensioners invest their money in these schemes as they have been ripped of by many in the past.
If you happen to go any of the Quoumi Bachat Markaz in Pakistan, you will only see old faces over there.
P.S. I am non-muslim and apologize for intruding.
Re: Permissibility of National Savings Scheme in Pakistan
AOA WRWB
Some one in my immediate family in Pakistan wants to invest in the National Welfare "Behbood" scheme of the Govt.
Ask them to invest in Meezan Bank's scheme - that all said to be Islamic - with the patronage of Justice Taqi Usmani Sahab.
But personally I really doubt that is no more different than the present banking system interests. But the current banking interest is far more different than the interest mentioned in Quran and Sunnah which contained element of coercion and economical slavery - still practiced in our rural area.
Re: Permissibility of National Savings Scheme in Pakistan
Thanks M95.
I told them of Meezan as I saw the ads in the Pak. newspapers. Although I know that there are question on even Taqi's Sahab's endorsments.
Are you in Pakistan?
Re: Permissibility of National Savings Scheme in Pakistan
Yes I am in Karachi.
Re: Permissibility of National Savings Scheme in Pakistan
People for once and for all hear this: current day loan and investment interest are not sin. Usury is different. If you charge somebody inordinate interest that threatens their well being it is sin. If you employ loan sharking it is sin.Stop torturing yourself withe these pseudo issues that some good for noithing mullas create because that is how they survive - by scaring people into asking questions about permissibility of everything and then sitting there on their useless seats providing pompous baseless answers as if they have a special communication channel to almighty.
Re: Permissibility of National Savings Scheme in Pakistan
People for once and for all hear this: current day loan and investment interest are not sin. Usury is different. If you charge somebody inordinate interest that threatens their well being it is sin. If you employ loan sharking it is sin.Stop torturing yourself withe these pseudo issues that some good for noithing mullas create because that is how they survive - by scaring people into asking questions about permissibility of everything and then sitting there on their useless seats providing pompous baseless answers as if they have a special communication channel to almighty.
Exactly! Contemporary interest is based on time value of money and opportunity cost and in no way comparable the usury which was based on coercion.