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Topic: premium/savings bonds
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 Umm.Mariam
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Umm Mariam Lamis bint Ravi
(London UK)
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Member
Posts: 35
Joined: Apr 2003
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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
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Abul Irbaad Abid bin Bashir Zargar
(Riyadh, Saudi Arabia)
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Member
Posts: 153
Joined: Oct 2002
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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:
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Introduced in 1956 by Harold Macmillan as 'something new for the saver of Great Britain', Premium Bonds are effectively gilt-edged securities: you loan your money to the government and in return it pays you interest.
Your capital is guaranteed to be returned at a specified date, and you can get your cash back within a fortnight at any time, with absolutely no risk.
Where Premium Bonds differ from normal bonds, however, is that the interest payments - 2.15 per cent a year - are pooled and paid out as prize money to the winners of a monthly draw.
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ابو العرباض
Abid Zargar
This message was edited by abu.naasir on 6-2-04 @ 11:24 AM
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| Daud.Chest
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Daud ibn Tunnell
(West Chester, PA)
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Member
Posts: 126
Joined: Apr 2003
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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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01-06-2004 @ 11:13 AM
