Is profit on bahbood certificates halal?

[sbmamoon]

Aoa
goverment of pakistan announce the special bhabood saving certificat for wiedos and old age citizian with rate 11.04%
i want to ask the profit on this certificat is Halal or not if no one arein home for earning and what other way is poisabal for earning trough investment
link for the bhabood certificate http//www.savings.gov.pk/Bahbood_Savings_Certificates.htm

[Pracs]

These have not been certified by the Govt. of Pakistan to be 'halal' and free of interest, infact it is very much interest.

However, I cannot think any other better way for a widow or orphan to earn some money for their daily needs of these certificates. As a country the GOP does not offer any other help to such people and this is the only thing that there is. My personal advise would be to make use of it until the person is able to 'earn' on his/her own. But one must realise it is still recognised to be 'interest'.

[Abdur.Rehman]

I would suggest that a religious scholar well versed in interest and banking should be consulted in this regard. No one of us is in a position to give a verdict (Fatwa) in this regard.
And allah is the caretaker of all the worlds. We shud not act in contravention of teachings of islam in any circumstances, unless we find a fatwa in this regard.
This is my suggestion if u want to follow Islam in true sense. But, if u just want to satisfy ur heart in this regard, u can raise such issues here. U may get some people favouring u.
Allah may bless us all and give us power to practice Islam.

[Pracs]

There is no question about consulting a religious scholar here,. these certificates are as per my limited knowledge advertised as interest bearing. The issuer has never said that these are 'shariah based products'.

I would retriate again that my personal opinion was and is not related to any religious interpetation, if some one has taken it as that I would ask them to read it again. It is my personal opinion, in these days I don't think a widow (a non career woman) could actually trust an XYZ relative with her life savings.

[Abdur.Rehman]

Sir i didnt say that u interpretted anything religious. But my point was just that these topics shudnt b discussed on forums like these, as ur simple opinion may change once mind regarding the teachings of Islam. So one shudnt express opinion on a religious issue until one has requisite knowledge of it. And one more thing sir, that this person didnt ask for ur opinion. He asked whether it is Halal or Haram. And a muslim cannot have his opinion regarding Halal or Haram.
so, sir i wud request u not to express ur opinion on issues of Islam.
And i wud request u to consider my humble request in a positive way...

[Pracs]

What's your point here,, did I not say in the first post that it has not been marked as 'HALAL' by the GOP, the issurer ?? I have surely not put a Fatwa here but since this is an accountancy forum the poster may have wanted to consult a professional.. I am sure he knows about the many Islamic forums online these days

I think as Muslims we are to discuss on issues about Islam because it governs our life.. this is not the perrogative of the Ulema alone, for once it gives you the stimulus to learn more about the religion. I guess this is some thing we 'agree' to 'disagree' on...

[Abdur.Rehman]

ok sir

[sbmamoon]

AOA
yes pracs u r right i post this topic here for consoultance b/c some one told me goverment realy invest this amount in bussines and i also got fatwa about this topic form this site.

http//www.binoria.org/urdumasail/index.html
And fatwa is given below

<b>sbno TRADE / BUSINESS
dquery 4/20/2003
qline Earning through investing in saving certificates, lawul or not?
<u>question</u>
I am a widow, my husband has left some money behind. I have nobody else to earn earning for me. So I invested this money in Saving Certificates, a scheme of Govt Of Pakistan. They give fixed 10% annual profit on our investment through which I bear the monthly expenses of my house.
Now I come to know that this income is not legal according to Shari'ah, so please advise me that
* Is this income legal according to Shari'ah?
* If not then suggest me some other source where I can invest my money and earn as many amount through which I can run my house.
<u>answer </u>
Whatever kind of money one gets on one's bank account, deposited for earning money on it, is interest. It is prohibited and, thus, not allowed in the Shari'ah. It should be avoided. And whatever amount you have earned so far in the name of interest, give that to the needy without having any intention of reward so that you may be redeemed of being caught for the sin in the life hereafter. You must also seek forgiveness of Allah for the sin you have been committing by getting interest.
Invest your money in some lawful investment/business in future. You may also put your money or invest it in any lawful project of Al-Mizaan bank or Al-Barakah bank which are having lawful transactions in this regard. Try to get better off in finance by investing your money in lawful ways.
(ref Al-Qur'an; Suratul-Baqarah275, 276)
reference
istiftano 23464 </b>

[Pracs]

My only observation on this is that as far as my knowledge is concerned 'Shariah compliant banks' in Pakistan and elsewhere do not have 'retail level' products for people with small amounts of investments, as in the case with Govt. Bonds and certificates.

Inshallah as 'Islamic banking' products get more popular and these move from the 'niche' market to popular 'main stream' we will have more opportunities to go 'halal' in our economics as well