Post by Kashi on Sept 16, 2006 6:11:26 GMT
Assalamu 'Alaykum wa Rahmatullahi wa Barakatuhu
I have recently been advised by my bank manager that my savings in a current account should be transferred to a savings account. Where I will recieve a monthly interest and a bonus interest if i make no withdrawls. Furhtermore my savings wont be at a risk at any time.
Could you kindly advice me wether this interest/profit would be haram or not?
I also forwarded my query to the bank and the following is the reply I recieved.
Dear Mr. *******
Thank you for your e-mail. Union Bank takes great pride in providing our customers a diversified range of products and services customized to the customers individual needs. Our
Mahana Izaafa is profit & loss sharing account where profit is paid out on monthly basis. The rate of profit is decided by the amount of profit the organization makes. As the organization is run by highly professional people, and its investments are diversified into many areas therefore we have been constantly making profit, which is shared with its stake holders (like yourself) on a monthly basis. The concept of Profit & Loss sharing
was introduced in 1980 under the ordnance for Islamization of economy.
I hope that clarifies your queries.
Regards
Muhammad Usman
Group Product Manager Branch Banking
Central Office, Lahore.
Phone # D 042-5760499
Tel # 042111797979 Ext 328
Fax # 042 5787629
I have recently been advised by my bank manager that my savings in a current account should be transferred to a savings account. Where I will recieve a monthly interest and a bonus interest if i make no withdrawls. Furhtermore my savings wont be at a risk at any time.
Could you kindly advice me wether this interest/profit would be haram or not?
I also forwarded my query to the bank and the following is the reply I recieved.
Dear Mr. *******
Thank you for your e-mail. Union Bank takes great pride in providing our customers a diversified range of products and services customized to the customers individual needs. Our
Mahana Izaafa is profit & loss sharing account where profit is paid out on monthly basis. The rate of profit is decided by the amount of profit the organization makes. As the organization is run by highly professional people, and its investments are diversified into many areas therefore we have been constantly making profit, which is shared with its stake holders (like yourself) on a monthly basis. The concept of Profit & Loss sharing
was introduced in 1980 under the ordnance for Islamization of economy.
I hope that clarifies your queries.
Regards
Muhammad Usman
Group Product Manager Branch Banking
Central Office, Lahore.
Phone # D 042-5760499
Tel # 042111797979 Ext 328
Fax # 042 5787629
