Umm.Mariam | -- 01-06-2004 @ 11:13 AM | ||||
Bismillah, Assalaamu alaikum, Does anyone have any information on the permissibility or impermissibility of premium/savings bond? Apparently they are interest free and you only get back that which you have saved. Allaah knows best! And many muslim parents/grandparents are interested in opening such bonds for their children/grandchildren. If anyone can help on this issue then it would be much appreciated. JazaakAllaahu khairan Wassalaamu alaikum Umm Mariam Lamis bint Ravi as-Sahontae (UK)
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abu.naasir | -- 02-06-2004 @ 11:17 AM | ||||
All these premium and savings bonds are ribaa based, without doubt. You give the govt. your money, they invest these huge sums into ribaa based banks or finance houses, these billions earn millions of ribaa, the govt. keeps most of the ribaa and rest of the ribaa is then divided amongst the bond holders. Simple! And if at any time anyone wants their money back, they get (after 14 days) the value of the bonds they intially purchased!!! See the following more details http://www.channel4.com/4money/banking/guides/premium_bond_guide_220903_page1.html from the site is the following quote:
ابو العرباض Abid Zargar This message was edited by abu.naasir on 6-2-04 @ 11:24 AM
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Daud.Chest | -- 23-06-2004 @ 12:48 PM | ||||
Salaamu Ailaykum Ukhti, in the disbelieving west, there is no such thing as an interest free loan. I learned that in finance 101 when I was an undergrad student. Barakallaahu Feekum, Daud ..."Know that the Religion is what came from Allaah, the Blessed and Most High. It is not something left to the intellects and opinions of men. Knowledge of it is what comes from Allaah and His Messenger (Salallaahu Alayhi wa Salam)"...Imam Barbahaaree
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