Is interest a compensation for inflation ? : is it permitted to take interest on deposits because there is devaluation ?
Fatawa Question
Assalamu Alaikum : Riba: Al-Azhar Fatawa say modern fixed bank interest is not Ribaj-Jahliya. Here in Pakistan the devaluation is about 18 % p. A banks pay only 12 % which they call profit. We officially have no Riba bank accounts are profit / loss accounts but in reality its interest as offered by any other bank. I don’t have a job right now and I am unable to enter a business and I need constant income my savings are eroding as I am living on my savings for the past 13 months. Please suggest. Is this profit Riba ? Can I take this profit for a certain period of time till I’m able to earn some money through a job or a business ?
Fatwa
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Publication Date
2003-03-06
Main Subjects
Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies
Topics
- Banks
- Islamic jurisprudence
- Islamic economics
- Contracts
- Inflation(Finance)
- Loans
- Compensation(Law)
- Bank deposits
- Usury
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-724030
American Psychological Association (APA)
Qahf, Mundhir. 2003-03-06. Is interest a compensation for inflation ? : is it permitted to take interest on deposits because there is devaluation ?. .
https://search.emarefa.net/detail/BIM-724030
Modern Language Association (MLA)
Qahf, Mundhir. Is interest a compensation for inflation ? : is it permitted to take interest on deposits because there is devaluation ?. 2003-03-06.
https://search.emarefa.net/detail/BIM-724030
American Medical Association (AMA)
Qahf, Mundhir. 2003-03-06. Is interest a compensation for inflation ? : is it permitted to take interest on deposits because there is devaluation ?.
https://search.emarefa.net/detail/BIM-724030
