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Lahore Real Estate Forum: Property News & Community Talk : ,

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   Zahid
Wednesday, February 24, 2010 05:36 PM 
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Dear members,

I would like to sell my property and put the money into Islamic Bank to get monthly halal return. I read in the newspapers that BankIslami is giving ad of Rs. 26477 per month profit on the Bachat A/C. over an amount of Rs.25 lacs for 10 years. Is this amount net payable to investor or 10% tax is further applicable on top of it which means then net is 23830. I think even this amount is still good comparing to rental property.

The Meezan Banks is giving around 12.70% on the MAC (Mahana Amdni Certificate) with 7.5 years.
My question is which Bank is best and which scheme / account to deposit the money.

I know only above 2 Banks but also heard about Dawood Islamic Bank and if you have any best option please be pointed out as it may also help others who are looking monthly halal return to meet the monthly domestic expenses.
Regards
PK replied on Thursday, February 25, 2010 03:28 AM 

I do not know what to do.
The environment in pakistan is not suitable for business as you have to lie/cheat etc.Otherwise some body else would do the same with you and ultimately you will lose your hard earned money.
I have the same questions as Mr. Zahid has asked.
Islami Banks label the interst as halal money.
May Allah guid us..
Please reply to Mr. Zahid's query.
Thanks,
banks are looter replied on Thursday, February 25, 2010 04:04 AM 

This is total fake, the islamic banks are same as others.

Did you saw the Star infront of that amount in the add ? it will being you to line writen in a very small font saying, this amout was the max they gave at some moment bla bla bla. it is not what you will get.

Also No mater what amount you get investing and keeping money in PAK rupees is loosing money every day.

Just an example if you had kept your money in Foreign currency instead of pak rupees.

Euro 2 year back
25 lakh / 85 = 29 500 Euros
2 years after
29 500 * 116 =
you earn about 9 lakh in 2 years without doing and givng money to anyone. 9 lak / 48 = 37 500 per month ;)

Dont get traped with these banks, they are using the name of Islam to loot people.

For example jsut go and simulate loan on these Islamic bank website, you will be amazed that they take more Intrest SOOD than any other bank, they just call it differently RENT lolzzz Shame on them
yes banks are looter replied on Thursday, February 25, 2010 06:07 AM 

I agree that banks are looter but what is the gurantee that if I keep money in Euro or dollar it will go up like it has gone in the time period you have given. In the hind sight it is easy to say had I done this I would have made this much. What will happen from now onwards may not happen as well in next couple of years of one currency may even lose against the other. All currencies flucuate against each other. How can you be sure you make best profit except when you see past stats. Euro may lose against dollar or dollar may lose against euro. It is easy to be 'expert' based on past and hard to assess future.

When oil was at $140 People like you were saying had i invested in oil I would have trippled my money but now for last couple of years it is at half the price or less on average. Now if you invested in oil you would have lost 50% or more. Same can be said for other commodities at peak.

Dont be an 'expert' based on past stats. I am fine with investing in property and not keeping money in foriegn. I know in the longer run property will give me best return, for me and for my children.
meagain replied on Thursday, February 25, 2010 09:05 AM 

Do you realy beleive Rupee will go higher then Dollar or Euro ? In short term yes it can show that Dollar go down for some rupees but not on more then 2-3 months. You can check the stats since the pakistan was made ;)

Also in halal earning there should be risk.

ANd i personaly think if you are not playing everyday with foreign exchange the risk are minimum.

Rest is your choice :) but Khuda kay lye dont get traped with paksitani Banks

Good luck
casanova replied on Thursday, February 25, 2010 10:10 AM 

I agree dealing with Pakistani banks is not a good idea. Also, your money will lose its worth over the period of time. If i would have been in your shoes, I would buy some property or perhaps some shops in some developing area.
OVERSEAS replied on Thursday, February 25, 2010 04:51 PM 

Brother,
As you said that you will get more after 5 years by investing in Dollar/Euro account.
But after 5 years when you will buy anything(house,shop,grocery,clothing,furniture) it will be also expensive with similar high price.Everything will be expensive at the same rate after 5 years.
Both ways net profit will remaim same.
Think broadly.
PK replied on Thursday, February 25, 2010 09:44 PM 

This is the most basic question every overseas pakistani has in mind.
After reading all the comments the question remain un-answered.
Please throw more comments if any body has a good idea.
Doing business with truth and fairness is very hard in Pakistan.
No body wants to talk fairly/clearly in any field,exception is there.
I am desparately looking for options as I am planing to move back But this is the only question in mind these days.
I have already lost few lakhs in Bharia Town plot doen by some body advertised on this site.
Please be carefull when some body says Urgent....
Regards,
Jameel replied on Friday, February 26, 2010 04:27 AM 

in June 2008 I went to France euro at that time was 100 not 85, Now it is almost 114.31 year 9 Moths.If it is 116 it is not much loss as this fast devaluation has happened after 8 years. But Problem is you cant see the future, Rupee may devalue very fast or may not devalue at all in next 2 years
raja replied on Friday, February 26, 2010 04:44 AM 

i got married in Feb and Euro was 98, less then 2 months Euro was 126, it has got down temporarily, because of Greece compare to Dollar. As pak rupee is related to Dollar as we get all trade and Aids in Dollar, the Euro go a little down. I never said go for euro, you can go for dollar.

One thing is true Keeping a large amount in Pak rupee is loosing money every day and you cant say the opposite.

Why islami bank dont propose Saving in foreign currency ? or do any ?
raja replied on Friday, February 26, 2010 04:51 AM 

seems like Dubai Islamic and Meezan do propose in US dollar, but where to find any info about how much they pay ? and is it guranteed ?
KSA replied on Friday, February 26, 2010 02:39 PM 

Assalm-O-Alakum. All Brothers. This very Common Problem for every Expatriate. We have to live on Present and look for Future. What happen few Years back in property, it could be happen again Or Not Allah Knows better. The Real thing is that How we can Safe our Future Problem. No Body help you in Pakistan. Even in any Where. First of all we have to define about Hellal or Haraam. A Person Spend his Hard earn Money in Property and waiting for result. In this situation Result is going down. Look at the Investor Who invest the Money in Land. Maybe 20% or less then that got profit which come after long time. More 80% loss their money. Epically Expatriate are losers; Never got benefit’s in any way. someone Trust His Brother, Sister even his Father the He loses his Whole hard earn money, There are lot of Examples in our Fellows. So My Advice to Mr.Zahid is that Go for any Bank , where you can could get Maximum Profit. Meezan & BankIslami Bank’s are OK. Instead of depending someone, Depend on yourself. Now a Day’s Life is Soooooooooooo Hard. So Very hard to survive. I Thing If anybody is Cheating to someone directly is Real Haram and any one get the Profit for Some amount that should be OK. Like everyone on this Forum bought the Property and they give the Commission to the Dealer , what you think about that; Is it Haram or Halil ? if this is haram that mean we are involved in Haram Business, but it’s not like that. Pakistan is Our Mother Land.(Forget about what’s happening there now a Days) and We Expatriate are living with Our Step-Mother land. If anyone has Step-Mother can explain better. Even she is Sooooooooo kind, But Never become your Real Mother. May Allah Bless us. Best regards all of the Viewers. Allah Hafiz
suhail replied on Saturday, February 27, 2010 06:36 AM 

just like my name sake brother Sohail said, islami banks are not a bad option for a "sharif" adami nowdays. However the PPFL is a very good option. However it needs a little attention, cant buy and forget. The friend who got PPFL at @ 10 , PKR 50 lacs must have given him 500000 shares. The minimum dividand so far was Rupee 1.5, in 2008, which is 750000/12 months, but before that for three four years they have given much more dividand, even bonus shares, i remember once they had given 50% bonus, and two or three times 25%, which means, his shares are now already 1000000 so at the price of 5.20, he is still making some capital gain. And he has been getting a lot of dividant every year. This is truely matchless performance. However in 2009 due to political and world economy decline, PPFL booked loss and did not pay out any thing. However they are doing well this year now, and will definately pay out very nice. So if at all one can afford the time and attention it needs, which frankly speaking is not much problem, PPFL or other similar funds are a very good options. Another even safer but with lesser return is NIT. I am going in loss in NIT since Musharraf left, but with time it will be recoverd InshAllah! Lastly I would like to say, that I have firm believe in Pakistan and InshAllah due to its big population (economy) progress will come again, as soon as some effective government comes.
Farhan replied on Saturday, February 27, 2010 02:49 PM 

I have read all the mails and actaully i myself was looking for a solution to this. so i woudl like to share my research on this. Firstly, those people who say Islamic banks are just using a changed name for interest, i woudl like to ask them to provide details as in Islam concept of Mudarba, Musahrka and time value of money are also present, then in case of Meezan Bank, they do have a fatwa of Taqi Usmani who is a well known Mufti and an authority in Islamic financing, so are we challenging his fatwa??

Then my 2nd point is that purely from a financial view point, i dont think that property is going to be uplifted in terms of price in atleast next 2 years and in comparison in these 2 years i can improve my savings in an Islamic bank. If you say that Ruppee will loose value then lets take a case of 10 years, as now a days if you sell a house after 10 years still you only get value for plot as such old construction is not considered while you sell such a house.

So unless you guys can come up with a solid argument with logic that Islamic banks are not Halal, then i guess we can consider that as an option as well.
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