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Is Prize Bond By State Of Pakistan Shariah Complaint
Is Prize Bond by state of Pakistan shariah complaint
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8 Replies
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Is Prize Bond By State Of Pakistan Shariah Complaint
updated 4 years, 4 months ago
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8
Replies
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Pls. see this: https://youtu.be/CGxBq1uJPds
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Does it not contradict to below video of Ghamdi sb.. Also i thought replied are given by Ghamdi sb but looks like its not the case… Any way for reference plz comment on following video
Question: what is rational behind allowing something haram for old people and not to young ones if we agree to video shared by you sir… Thanks
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Salam @Farooq sb –
Prize bonds and bachat bonds are different
Moreover in both exceptions can be made for the elderly.
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Sure but Allah must have given this relief anywhere in Quran.. Please help to find me that verse. Also how we xan catwgorize bonds from Pakistan Savings which is government entity.. Actually there is lots of confusion… I hope you can give me some references
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Prize bonds in general should be avoided for the reasons explained by Shehzad Saleem sb. in his video. I will post Dr. Khalid Zaheer’s opinion in the next comment.
The exception (rukhsaat) to this would be compulsion and necessity like Ghamidi sb. explained in his talk (for elderly).
For reference, pls. look at 6:119 (Quran) on how Haraam under compulsion and necessity is allowed.
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What is your point of view about the purchase of Prize Bonds, and its prize money? Is it valid in Islam?
Answer by Dr. Khalid Zaheer
I think that prize bonds are not allowed because they operate on the principles of riba (interest) and maisir (gambling). The government decides to allocate a fixed amount for all the investors in bonds (which is riba), and then doesn’t give to everyone. Instead, only the ‘lucky’ ones get the prize on the basis of random/chance selection of their names (which is maisir).
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Thank you Sohail, this conversation is very useful and I am building my understanding step by step.
The definition by honurable Dr.Khalid Zaheer of “RIBA” does not fit (to the extent I have understood) into what Ghamdi Sb said in this video
According to Ghamdi
- Basic philosophy of interest according to the Quran is “to have any valuable thing of others by illegal or injustice way”
- Riba is “A demand of any extra amount that you condionalize on the loan you provide”
Kindly help in the understanding of the explanation, next I would be learning on the definition of “Maisir” insh-ALLAH
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Pls. see this response by Asif Iftikhar sb.
Riba and Government Bonds
Question: The Government of Pakistan and some institutions under its control acquire loans by issuing bonds and certificates etc. and pay a fixed period wise ‘profit’ to the holders of such securities. Does this profit fall within the definition of Riba?
Answer: The answer to this question again lies in the question itself: ‘the Government … and some institutions .. acquire “loans” and pay a “fixed period-wise” “profit”….’
‘What’s in a name. Riba called by any other name, even “profit”, would still smell as foul, were it not Riba called.’
The ‘loan’ is there. And a ‘fixed period-wise’ gain is there. Therefore, the gain is obviously Riba.
Although the government is the borrower in such cases and it pays, not receives Riba, it should not use terms that may lead the recipient of Riba to think that he or she is receiving profit, and it should also try to gradually come out of the situation where it has no recourse other than borrowing on Riba to run the country. This obviously requires elimination of corruption and better financial management.
More details here: http://www.al-mawrid.org/index.php/articles/view/your-questions-answered93
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