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Options For Common Muslims To Invest Their Savings
Islamically, what is thw best way to keep your saved money that you intend to use in future? I Have gathered we can not deposit it in a savings account because most banks are doing sooodi karobar acc to ghamidi sahb and we should avoid that profit offered on a fixed deposit. So, where and how should we keep it, if we skip this option?
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2 Replies
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Options For Common Muslims To Invest Their Savings
updated 7 months ago
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The easiest way, in my student opinion, is to keep the money in a personal vault and, if a personal vault isn’t available, put the money under the supervision of a very close relative/ blood relative, or trusted friend. But it is best to keep the money in a safe place under your own supervision and privacy.
Wa-Salam!
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One can invest their money in any way they deem fit as long as there is no moral and ethical problem associated with that investment for example, riba/sood, investments in Haram business, Investments having unfair terms of contracts for the other party etc. etc. For a common muslim, there is also room available to invest in Islamic Savings Schemes which claim to be project based financings like the ones offered by Islamic Banks or Government based Islamic Certificates (e.g. Naya Pakistan Islamic Certificates).
Please see the video shared by me in the following link:
Discussion 90202 • Reply 90374
And also refer to the following thread:
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