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Earning Interest From Investment In Bank
Salam.
My question is if a muslim residing in a non muslim country can invest in an interest based scheme where i deposit a certain amount every year for a fixed no. Of years and earn interest on it at the end of that period? Also, we pay taxes on income and every thing we buy, so are we allowed to take some interest from the other side also.
We earn absolutely halal way, we can save only this way. Please guide.
Allah Hafiz.
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3 Replies
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Earning Interest From Investment In Bank
updated 7 months ago
3 Members
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Replies
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In such case living in a Muslim or non Muslims country makes no difference. If the business is in compliance with shariah it will halal.
In the case cited above it seems not loan but investment. A fixed amount of profit is allowed against investment.
Interest or riba is only in case of loan when addition is demanded on it.
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But the bank that we invest in, provides loans and earns interest. It provides us profit on our investment, may be from that interest that it earns. Are we allowed to take this profit in such a scenario?
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In such a case, Ghamidi Sahab advises to avoid taking such profit.
Please see for comments of Ghamidi Sahab:
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