Do some Islamic banks charge high cost ? : high cost of finance in Islamic banks and Zakah

السؤال

Dear Sir Assalam O Alaikum I am indeed thankful that you always take time to reply my emails. I have gone through your fatwas available on the website yet I have a question of similar nature. The question is old about interest but the context and concerns are new. The situation is as under : I want to invest some money so that I can have some monthly return and I can meet certain fixed expenditures like children fees etc. The conventional banks give good % age return which is all Riba and Haram as I am committed to follow this. The Islamic banking is becoming popular in Pakistan with Fatawas of Halal from renowned scholars. Now I quote one example from a…….. Bank in Pakistan which runs various Halal deposit schemes based on Mudarabah. The confusing think is that they ask for 7 years deposit to earn good profit equivalent to prevailing interest rate i.e. 10 + %. The lesser the deposit period lower is the profit. Sir I know it is not good to ask you to visit their website but don’t you think this is also exploitation. Should I invest in this scheme or not ? My second question is : if I put some money in bank in the name of my child now age 3 years, I will also be the legal caretaker till her turning to 18. I will not take any money out of it. What will be the Fatawa regarding Zakah in this case. Do I need to pay Zakah on this as well or when the child grow to puberty or 18 (whichever is valid for paying Zakah) will pay herself ? In the later case she needs to pay till that date or for all previous years. I will be thankful to your answers. Wassalam

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2006-08-28

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
الدراسات الإسلامية

عدد الصفحات

1

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-788445

• APA
• MLA
• AMA