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Inflation Adjustment On Interest In Savings Account
Salaam, What is the sharia ruling of consuming profit earned on saving account through conventional banking?
One opinion I come across on this forum is that profit on such account is halal as long as the interest rate is lower than the inflation rate or banks discount rate. Is it true.
There is no clear definitive answer and its creating confusion. I will appreciate Ghamdis Sb opinion in this matter thanks.
Mohammad Mudassar.
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3 Replies
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Inflation Adjustment On Interest In Savings Account
updated 6 months, 2 weeks ago
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Salaam,
Can you please explain the profit paid on Zero coupon bonds/certificates which are basically issued at a discount to their face value. The interest/return earned by the person is the difference between the purchase value and the face value. Currently this is offered by government, Naya Pakatan certification as zero coupon bond upto 1 year.
The return/profit Is this case will come into Riba?
Appreciate your kind response.
Thanks
Mohammad Mudassar.
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