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Profit rates on National Savings Schemes enhanced,

(49528)
Tuesday, December 2, 2008 07:31 AM 

ISLAMABAD (December 02 2008): The federal government keeping in view the public interest has enhanced the rates of profit on National Savings Schemes effective from 1st December 2008, according to the press release issued by the Central Directorate of National Savings.

The rates of profit on Special Savings Certificates (Registered)/Accounts have been enhanced from 13.00 percent p.a. to 14.53 percent p.a., on Regular Income Certificates from 13.30 percent p.a. to 15 percent p.a, on Bahbood Savings Certificates/ Pensioners Benefits Accounts from 15 percent p.a. to 16.80 percent p.a. and on Savings Accounts from 9 percent p.a. to 10 percent p.a. Accordingly, the prize money on all types of Prize Bonds have also been increased.-PR


http://www.brecorder.com/index.php?id=845314&currPageNo=1&query=&search=&term=&supDate=

Mohsin replied on Tuesday, December 2, 2008 08:29 AM 

All the schemes of the National Savings are HARAM. Please stay away from them

Ikram replied on Tuesday, December 2, 2008 08:37 AM 

What is hilal now a days. any country in the world is islamic country. so please dont be a big muslim. muslim like you spoiled islam.

Shahid replied on Tuesday, December 2, 2008 09:09 AM 

Brother Ikram,
What was Haraam at the time of Prophet (MBUH) is still Haraam today and will remain so till the last day of this world.
Not every country in the world is Islamic country; even the so called Islamic countries are not Islamic in true sense.
We should all at least try to be Big Muslims yourself included.
No one can spoil Islam. It is only those who can act better can be good Muslims; but the Islam is there for ever in its pure form in the form of Quraan and Hadith.

I truly, understand what you meant, however, we should be a bit careful in terms of words we use for expressing our feelings. I guess scholars from all over the world has developed consensus that all investment schemes such as offered by our Government are actually Haraam. May Allah help and guide us.

Mohsin replied on Tuesday, December 2, 2008 10:19 AM 

Dear Ikram sb
As salamualaikum

No one in this world would like to drink poison even if it is in abundance, rather everyone will prefer going for safe food even if it is in minimum quantity. So why we are so blindly going towards all the things which are Haram knowing well that all Haram are Mohlik (things that kill). We must follow religion in that way that even we are left alone and no one is following the religion, we must continue doing so as we are answerable to Allah Taala

asim replied on Tuesday, December 2, 2008 10:26 AM 

"Thrift as a national asset is going to play an important part in the building up of the state. So save and invest in Pakistan saving certificates."



Quaid-i-Azam

Muhammad Ali Jinnah

Habib replied on Tuesday, December 2, 2008 10:49 AM 

Mohsin bhabi, why you are wasting your energies it not for you to ivest, People sitting here to know scope of realestate investment. NSS are big competetor in thsi case where most of overseas invest. I think there are three main forces
1 Property
2 National saving
3 Rupree value
For short term at least NSS investors will be earning profit almost on " Dollar" as in coming one year hardly any chance Rupee will cross 80,82/Dollar

Abdul Star replied on Tuesday, December 2, 2008 11:20 AM 

Dear Brothers,

Beware of the current " Molvies " they are the most dangerous element of this society and particularly for the development of Pakistan. They have played so many times with the future of this country and have declared Kafur to Alama Iqbal and Quid e Azam.

When ever this country tried to come up these MULLAHS are being pushed in to take the charge and destroy every thing. Our country is in crises again. If the current management / leaders have made a decision and have encourage the money holders to come forward and invest in Pakistan or to lend money to the government with an initiative. What is harm in it ? It is not matter of halal and haram, it is matter of survival and do not forget you can have certain things while sick.

Please to not bring the Islam in every case, especially in a society where you are hardly doing any thing as per Islam.

Thank you for your understanding.

alpha replied on Tuesday, December 2, 2008 01:23 PM 

Dear Mohsin Sb.

AoA

Kindly suggest a halal alternative investment for a retired person, where he can preserve the value his golden handshake money against currency devaluation, inflation and can remain fairly liquid.

regards

Observer replied on Tuesday, December 2, 2008 01:57 PM 

These free islamic advisors should mind their own business rather than telling others what to do. Its shameful how they want to impose their thinking on others.

Adeel replied on Tuesday, December 2, 2008 04:46 PM 

Should a widow, an old pensioner or any disabled person / woman start begging to satisfy these free lance MULLAHS?

Siddique replied on Tuesday, December 2, 2008 04:54 PM 

If some one invest in saving scheme with intention to help the poors!
In my opinion it is better to feed some poor from profit money instead of keeping money in lockers while poors are dying around with hunger and I don't have enough money to support them.

khayam sarhadi replied on Tuesday, December 2, 2008 05:09 PM 

Dear all hope u all doing great one thing would like to say don,t criticize others if you can,t do right to say haram as hallal is not a righteous act. as these are very openly enclosed whatever halal or haram we been taught by ALLAH subhanhutalla and Holy PROPHET MAy ALlah (Peace and blessing upon him).so if u can,t act upon that atleast don,t deny the saying.do whatever you want as no one can stop you doing that.

alpha replied on Tuesday, December 2, 2008 06:10 PM 

Dear Khayam Sarhadi Sahab
AoA
Finding solutions to religiously-conterversial problems in a religiously-socially-acceptable manner should be promoted and not outsourced to "scholars"
regards

abj replied on Wednesday, December 3, 2008 02:58 AM 

Its a releif to see more liberal people talking sense than a few religious freaks, that want to bring religion in everything and who would like to reverse Pakistan back to the stone age. These people play into the hands of the enemies of our country with a focused goal in mind to weaken the state of Paksitan. They wake up with this thought every day and sleep after the "Halwa" session how to tell the world what a crazy and extremist nation we are, and to stay away from us. IN 2008, THEY WANT TO TAKE PAKISTAN TO 1008 OR BACKWARDS. "credit goes to "Marde Momin marde Haq, Zia ul Haq", who for his selfish motives left the religious fanatics to screw the future pakistani generation and to deprive them of progress forever.

I wish there were more people in international media that could help improve the image of Pakistan to tell the world that Pakistanis are not fanatic, crazy & their thought process is not based upon conspiracy theories alone. They are just normal harmless people like everyone else that want to have a normal life, take care of their families and be happy & successful as normal human beings. Progress will ONLY follow then. Question is, how to get rid of this cancer of extremism?

Mohsin replied on Wednesday, December 3, 2008 03:44 AM 

Dear All As salamualaikum

1. As Mr. khayam sarhadi said Islam came much before the Molvies ever existed. Quran is here in its Original form, Sayings of Prophet (peace be upon him) are here. Every one is free to go and find out what is Haram and Halal.

2. Sadaqat of Haram are not acceptable in Islam. Allah Taala only accepts Sadaqa of the pure wealth even if it is as small as one date.

3. You are talking about the widows and orphans and handicapped person with money to invest in National schemes. What about those who do not even have money to invest? In Islam the system of Zakat and Sadaqat is such a wonderful system that actually removes poverty and it can be seen in our history many times.

4. It is actually Shaitan who speaks in our mind that if we do not eat Haram we can't survive. Allah Taala is the creator of whole of universe and HE is feeding even a tiny (microscopic) animal and it is mandatory on Allah Taala to feed all the living things. Then it is our responsibility to follow HIS commands only and not to follow Shaitan. The choice is ours.

May Allah guide us to the right path

Gafu replied on Wednesday, December 3, 2008 05:31 AM 

Mohsin
I appreciate your thinkings. Good, very good, keep it up.

Hello Panda! replied on Wednesday, December 3, 2008 07:27 AM 

I agree with Abdul Star and Alpha.

Even so-called Islamic banks charge interest on loans.

Ijtihad is really required here.

When currency was in Gold and value of money was maintained interest was Haram. But now value of money decreases because of inflation so interest is just to keep the value intact, it is not an extra profit.

Mullahs want interest free loans.

Is any Mullah ready to take loan in gold and return same amount of gold after five years when money value of that gold may be double of what it is today?

Interest was declared haram when lenders used to exploit poor people who used to take loans.

Now banks earn a lot of money through the deposits and after meeting all the espenses they earn a lot of profit and account holders deserve to take their share. Now big shots take loans and exploit the banks, it is opposit of the past time.

When loans in billions are written off for rich people, Mullahs keep silent on this really haram activity.

Ijtihad is required to meet the needs of today, covering the aspect of inflation and the considerations of who is exploiting whom.

Mullahs don't have any solution to any problem except declaring the things not suiting them as Haram.

ASAD replied on Wednesday, December 3, 2008 07:46 AM 

Haraam is Haraam! Even you all try together to prove it as hallal,
Because no one can challenge ALLAH's Orders.
So please shut your mouths to speak against ALLAH's rules.

Observer replied on Wednesday, December 3, 2008 08:56 AM 

What an illiterate way to talk when you bring your argument as 'Allah's order'.

Hello Panda! replied on Wednesday, December 3, 2008 09:25 AM 

Mr, Asad,
Can you propose a system without interest?

Shahid replied on Wednesday, December 3, 2008 10:17 AM 

Problem is that we want to sit idle doing nothing and yet want our money to grow. The system without interest is Tijarah; do some business. Now the issue is what would a Widow, Old Retired Person, or Disabled will do; they could invest in someone's else business with condition of sharing both profit and loss.
Can we trust someone and give money to him? Definitely not in Pakistan these days. What options do we have then.......actually I don't know, however, I will still not use my spare money for earning Riba. May Allah Help US All.

Investment banker replied on Wednesday, December 3, 2008 11:13 AM 

AoA All,

The system without interest is already proposed and is working quite effectively around the world; US, Canada, UK, as well as around the Muslim world.

You can get more details on the system without interest at:
http://www.meezanbank.com/pages.aspx?iPageID=177

I'm an investment banker from US. I'm telling you from my experience, and after reading several lengthy documents and agreements, that Islamic banks do not work on interest. Rather than extending the argument, I would like to invite all of you to go to the above link and read yourself how Islamic financing works.

Also, in the current financial crisis, when all the banks in the world have gone south Islamic banks are mostly unhurt. This is mainly because these banks do not deal with interest; including mortgage back securities that brought our whole system (and the rest of the world) down.

This is a good forum, let us please try to understand each other. This can possibly be done by gaining and sharing knowledge...

asim replied on Wednesday, December 3, 2008 12:53 PM 

its your money guys. do whatever is best for you. You earned it so do whatever you like by the rules of this world. Our society is full of hoax.

Jameel replied on Wednesday, December 3, 2008 02:00 PM 

I dont understand why NSS issue a Riba free product, like you deposit and profit is not predetermined rather every 3 to 6 Months they will say you are earned this much in last period, same way the Mezan Bank or other Islamic Banks are doing. I am sure many people will be interested.

Hello Panda! replied on Thursday, December 4, 2008 08:04 AM 

Dear Investmant Banker and like minded friends,

Please don’t get emotional, just give me a solid solution and reply.

Profit & loss sharing is fine when we put our money in an Islamic bank.

But while taking loan (means buying a car or for anything) a predetermined fix profit is given to the bank that is a sort of interest in a different name.

Why Islamic banks don’t give loam for doing business on profit loss sharing?

While taking the money from depositors Islamic Banks secure them by profit loss arrangement but while lending money they get a pre determined fixed amount of frofit again to secure them. Is it fare?

I have seen the Islamic banking system very closely and found them earning more compared to interest based banks.

Frankly speaking interest is there in one way or the other no matter what Islamic name we give to it.

Can anyone give me an example of giving loans without profit (interest)?

alpha replied on Thursday, December 4, 2008 01:07 PM 

The line between debt and equity is getting murkier with financial innovation( e.g. take convertable bonds). The considerable moral hazard risk in Pakistani/Muslim capital users prevents capital providers to take a leap of faith from debt financing to equity financing.

Hello Panda Sahab, Toyota is providing interest free financing on its cars in some parts of the world

Investor replied on Monday, January 17, 2011 05:53 AM 

Those who think these schemes are Haram have freedom that they invest somewhere else where they think its Halal. We think it is Halal and we have invested in it.

I don't know why these Mullah's want others to do what they think is right...
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