Mufti Online — Madrasah Ta'leemuddeen

Interest based saving schemes

· 24 Shawwal 1436 AH1 min readEnglish

Question

Pakistan is an Islamic state. I have invested some amount in government saving schemes. Although the rate of profit is fixed it is actually not because of inflation which may be more or less than the rate of profit. Besides, the actual value of my investment is going down each year due to devaluation being corresponding effect of inflation. Please guide me if the profit I receive on this investment is halaal.

Answer

Saving schemes are generally interest based. If it is like how we understand then it will obviously be impermissible.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Ebrahim Salejee (Isipingo Beach)
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/11346
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