Interest based saving schemes

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: Pakistan is an Islamic state. I have invested some amount in government saving schemes. Although the rate of profit is fixed it is actually not because of inflation which may be more or less than the rate of profit. Besides, the actual value of my investment is going down each year due to devaluation being corresponding effect of inflation. Please guide me if the profit I receive on this investment is halaal.

Bismillaah

A: Saving schemes are generally interest based. If it is like how we understand then it will obviously be impermissible.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

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