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   Khaled
Saturday, March 19, 2011 01:13 PM 
Reply: >
Dear brothers,

I want to sell property and keep that amount ( around 70 lacs ) in any Islamic Bank in Lahore from where I could get the regular monthly halal return for my domestic requirements. I can keep this amount for 6/7 years.
I would appreciate if anyone will tell me which is the best bank in Lahore and what is their best scheme to get profit. What they are charging?
May be some people are not agreed saying that it is also interest based like conventional banks, but I have atleast mental satisfaction being an Islamic banking and it is not fixed profit. So we should not go into such details either it is (interet, haram) or halal. Due to present circumstances it is very difficult to feed the family and do any kind of business, so have no left other option.
So only needs name of the bank and scheme.
Thanks for your cooperation.
overseas paki replied on Saturday, March 19, 2011 01:53 PM 

Have you try govt web site :

savings.gov.pk
it has all the schemes with their interest rates and i think defence saving scheme is the best one with 13 % interest rate.
paki replied on Saturday, March 19, 2011 02:10 PM 

where is ur property let us know
Khaled replied on Saturday, March 19, 2011 02:27 PM 

I do not want interest, only halal return from Islamic banking.
Some people who are getting monthly halal income from any bank may guide me for this issue.
Regards
Rabbani replied on Saturday, March 19, 2011 04:42 PM 

Islamic banking is nothing but same old interest system with new name.Don't trust others even me just study the Quranic orders about interest and present banking system/So called Islamic banking.We should be very carefull about it, because it is only about this evil that Allah has declared that one who commits it, is at war with Allah and His Rasul(PBUH)
concerned muslim replied on Saturday, March 19, 2011 11:44 PM 

Its a very hard decision, as no one comes to your help when everything one loses. I know someone telling me a story how some person never take rishwat , but one of his children die, as his salary was so low he cannot efford hospital. A choice has to be made sometimes in life, either to live poor and follow hadith, who is poor is near to kufr. What did the girl who came to ask help from the recent crisis
get, when all of Pakistan offer her only 49000 thousand rupee, when the settlement got her millions. Is this a muslim country, certainly no worse than times.
pervez replied on Sunday, March 20, 2011 01:42 AM 

Our muslim scholars must find some solution particularly in any can not do buisness. Many of us cant do buisnes.and if u give some one elso u may loss his principal amount. Not I m not justifyng the intrest.
s replied on Sunday, March 20, 2011 02:22 AM 

in islamic banking investment is done n business without intrest . meaing that it is ensured that business using intrest oganizations like sood is avoided. then share in profit is given. yo can ivest in islamic mutual fund, bank islami ad various other organization. it is not intrest, investment done in mtual funds is not intrest. you can buy sgares of stable companies likr bank alflah and othersoike oil sector or cement sector. simple ivest 20% in difrent sevtors with proven trackhistory. you will get profit on shares not intrest.u can visit awan sanet oo tejaret near larance garden. they have feasibility of many projects and povide gide line for business. you can purchase agriculture land and give it on contract. you can purchse shops and rent it out. you can rent your this property which you want to sell. so thire are options if you want to avoid intrest. you can book tractor from millant tracotrs. normally 40 thousand profit every 4 months on big tractors. i think mehran cars have own to. here no chance of loosing original money. you can purchase 4 acre land and have 20 to 25 cows for milking. if u want you have options. but starting business with out feasibility never go for it.there is dadapoota show on fm 98.6. they have facebook too. you can seek advise from them.
ok darling
SS replied on Sunday, March 20, 2011 04:33 AM 

Is there is any way to invest in dollars and get profit in dollars through any pakistani banking channel.
Hafeez replied on Sunday, March 20, 2011 06:35 AM 

We are all scholars in religion and Religion belongs to the poor. The discussion is a theoritical discussion that ddoes not carry weight in present with market trend. No body understand what is riba or sood, and what conditions it carries. we only use the termonoligies of halal and haram we actually does not know its meanaings. For example we do many harams things drink sharab We are supra conservative people and face such dilema that face Mr. Khalid world.For example every scholar say dayyat is according to sharia in ramond case and even dayyat has been paid by Paksitan state. It mean Kafir kills a Muslim and Muslim state should pay dayyat. Does any one question that dayyat is relevant in Muslim society and if Kafir murders Muslim then where dayyat stands. Kafir is out of dayyat bound out of islamic law how dayyat appolie on Kafir. I suggest khalid put amount any where you like and do not be confused yourself and involve other people in it.
Ahmad replied on Sunday, March 20, 2011 07:31 AM 

I agree with Hafeez....our molvis making us confused...still they cant make us understand of riba...if a person is taking loan form a bank for industry and provide means of bread and butter for hundreds of families...he is running his industry on interest...is he doing haram thing to provide living for hundreds of poor families...as much as understand riba is money which one person give to other person on personal grounds without accessing his ability to pay back...for interest or to snatch his property wen he is not able to pay back...like hindu baniyas did and it is going on in our society as well that shud be prohibited..if you go for loan to HBFC they will say its islamic but all procedure same...they are saying crow is white if you agree you are satisfied...
Allah ka banda replied on Sunday, March 20, 2011 07:53 AM 

i personally suggest u contact zardari and give this money to him he will give u some tips of curruptions.i hope u will laugh all of ur life with these tips and no one can catch u.
Pardesi, Jeddah replied on Sunday, March 20, 2011 09:51 AM 

There is so much good contribution in this forum over the last years on this very topic is available. Evidently, these pose a real threat to those who are blind-folded in the most sensitive issue of riba- an open declaration of war with Allah & His Messanger (SAW). Mind you, the sort of Allah's wrath can be felt from none other than this open declaration of war against those involved.

Dear Khaled, how about doing some business with PKR 7m?

I have a point for discussion for those who think that our religious scholars should come up & give an alternate of interest bearing loans. Infact, it is the other way round; give the bread to the bakery. The financial analysts should come up with alternate ways & can then be authenticated by the learned scholars based on Quran & Sunnah, is the missing link.
T replied on Sunday, March 20, 2011 10:17 AM 

Test
Khaled replied on Sunday, March 20, 2011 10:33 AM 

I could not find still the proper answer from any body regarding the halal return. Some people say that even it is also interest in the Islamic banking while they are claiming that it is riba-free as per their shariah scholars, so should we accept those scholars or not?
S's reply to keep in Islamic mutual fund which is not interest, but it also stock based product and very risky and you can even loose the money. If some people can sugguest me which islamic fund is safe and giving monthly good profit then I may decide for it. I am overseas returned and looking guidance from this forum.

A man who worked abroad 20 years and saved this amount will have to decide very carefully. I do not have any exp. of business and cannot start bus. with any one. My friend started business with his very close friend and lost 10 lacs. So you cannot trust on any friend even brother.
My simple question is only where I should to put this amount either in Islamic banking or in mutual fund (if no risky) as I need monthly income. So please let me know if islamic mutual funds are not interest and better option to decide.
Regards
MJM Dammam replied on Sunday, March 20, 2011 11:56 AM 

What I have understood, only personal loan from person to person with an understandiang to pay certain extra amount by borrower to the creditor per month or per year is totally unacceptable in Islam. Islam does not allow to take undue advantage of one's compulsion. Actually, interest problem started when the gold currency was shifted to paper currency. Moreover, we all forget to discuss the basic factor of inflation when we talk about halal or haram of interest.
Some 20 years back, Saudi Government scrapped the pension insurance scheme for expatriates and they were paid 5% extra over and above the total paid by an expatriate. So, my point of view is that we cannot avoid interest (whatever name you give it) in the present circumstances.
I would suggest Mr. Khaled to go through all of the suggestions given by various readers and act upon what your conscious says.
S.Khan replied on Sunday, March 20, 2011 02:47 PM 

Very healthy discusion.
Can someone clarify, I am confused. A person giving loan of 1 lack to other without any interest, after one year the other person returning one lack with thanks. Now the first person not the value of 1 lack become 90 thousands, it means he lose 10 thousands. How can someone compensate or cover this 10 thousand loss
visitor99 replied on Sunday, March 20, 2011 03:09 PM 

so after all disscussion there shoud be final decscione,how,we have to create a solution wich shoud be acceptable for all persons who took parte in this issue,may be we can resolve the problem of A PERSON WHO DOESNOTwant to take risk but want to be satissfied with his profit return.my option is that u can go to islami bank .
Azad K replied on Monday, March 21, 2011 12:32 AM 

At the moment inflation is running at about 14% in Pakistan. Therefore your money in the bank needs to increase by 14% just to have the same purchasing power as it does today. You can call it interest or something else but you need to see your money grow otherwise in several years it will become worthless. If you are giving your money and the bank are using it to get a financial return from it then it is only fair that you should also get some benefit from departing with your money so that someone else may use it.
Usman replied on Monday, March 21, 2011 01:56 AM 

I was born and raised in Lahore and now live in Canada. Everyone of us debating if interest is haram or not, please look into the dire consequences of interest.

In western countries, the major reason for recession was interest where banks would tie people in 35 years of mortgage (loan). Lets say if your monthly payment is $1000, only 150-300 goes to pay principal off, rest is interest. I completely agree with Islamic laws of no interest, and no, I have never listened to a Mullah but researched it myself quite a bit. Life is tough, only way to live it well is by following Islam.

I am still looking into the matter of stocks, I find this to be one of the most profitable yet risky investment. As far as you don't include calls, shorts (bidding), rest of the stock game is just simply exchange of stocks i.e. buying, selling like property.

To the original poster, I suggest you find a stock broker if you're able to and invest it heavily in Gold, Silver, Cooper or whichever stock you may find reasonable. If this information is too much to grasp, then I highly recommend a broker!

Thanks!
Anti Riba replied on Monday, March 21, 2011 03:46 AM 

Please see the video yourself, it is not made by Mulla but American to expose what Riba or interest really is

http://www.youtube.com/watch?v=ZPWH5TlbloU
MAS replied on Monday, March 21, 2011 04:16 AM 

In every society there are people who have the ability to run a business but do not have capital and there are people who have capital but do not have the resources to utilize it. For example would you advise a mentally unsound person (who has some money) to start a business or trade stocks?

This is why banking is an essential service. Islamic banking is not perfect but it is a giant step in the right direction. If we support Islamic banking some day it will become perfect, otherwise it will disappear and interest based banking will win.

I think highest profit rate is offered by "Meezan Amdan Certificates" from Meezan Bank. Latest profit rate on SEVEN year investment was 13.15%. Check out:
http://www.meezanbank.com/amdanCertificate.aspx

Please understand there is no option without risk. Money in bank is paper money. If there is unusually sharp inflation it can wipe out the value of your capital.For more info on Islamic banking:
http://www.youtube.com/user/IslamicBankingonline#p/u/57/0knHEtCViVA
Azhar Ali replied on Monday, March 21, 2011 04:39 AM 

I agreed with Mr. Mohammad Anwar Hussain views.
Shiraz replied on Monday, March 21, 2011 06:24 AM 

AoA,

You can refer to the following Islamic banking FAQ. It beautifully explains the difference between Islamic and Conventional banking. Specially refer to question 14 and 17

http://www.sbp.org.pk/departments/ibd/FAQs.pdf
Mohammad Anwar Hussain replied on Monday, March 21, 2011 09:11 AM 

Thanks Mr. Shiraz for providing very useful web site to understand what is the different between Islamic and Conventional Banking specially Question No. 17. But I apprecieate you that I also benefited by other points also specillay Clear defination of Mudarba & Musharka these are the most type of agreement used in our comunity.
Mohsin replied on Tuesday, March 22, 2011 02:39 AM 

Dear Mr Anwar Please clarify the following questions :

1. The London Open Bank Interest Rates (LIBOR) is applicable to State Bank of Pakistan which eventually is subjected to All The Banks in Pakistan including so called Islamic Banks. So where is the Riba free banking....?

2. If one gets "Interest Free" Loan from an Islamic Bank, what happens if he does not pay any installment. I beleive certain fixed percentage of the Loan is applied to him as palenty, same which is charged by non Islamic Banking. In Islamic system, the one who gets loans is given relaxation if he is unable to pay and no palenty is imposed on him. So such practice is non Islamic. Do you agree?

3. The non Islamic Banks earn huge amount of money by lending the money and earning the interest. They give very less "Profit" (Riba or Sood) to the account holders who are the main source of generating the funds. The Islamic Banking also does the same. They earn the same amount of "Profit", but give less to their account holders

Dear Sir, you gave the example of Halal and Haram in your message. For a Muslim something becomes Halal when he does it in Islamic way, but the same thing becomes Haram when done in non Islamic way. But Sir, Sood remain HARAM even if we try to Make up it in Islamic colours. The poison will remain poison, even if we recite Bismillah before drinking it. Therefore Sir, please do not misguide innocent people. The currency itself is form of Riba or Sood.

Please confess openly that all Islamic Banking (Even in Saudi Arabia) are doing Haram business, and you are helpless in chaning the system.

The only solution which Allah Taala gives us as Anti Riba is the Tijarat or Trading.

May Allah guide us the right path
Ahmad replied on Tuesday, March 22, 2011 08:21 AM 

Dear Mohsin Sab,

Hats off to you and i salute you for saying HAQ. The comments before yours are portraiting the influence of corruptions in Islamic(deeni) way of thoughts and life.

But question is still there... Every one is not capable of doing trade/business with the money he has.. what should one do in such situation. Especially in Pakistan where you cannt easily trust any one.

Regards
Ahmad replied on Tuesday, March 22, 2011 08:44 AM 

I agree with Mohsin he has given same comments like mine which i gave earlier...the problem actually is we cannot practice islamic system until and unless we hold the world economy as we are linked to world bank, IMF, LIBOR, state bank etc that are based on interest...inflation in paper currency is also a factor which we have to be taken care of..what i understand sood is unavoidable in todays scenario so if there is no solution islam is not so rigid... so "do in World as the humans do"....Allah Subhan Tala will forgive us as this is not to take advantage of someones compulsions...we give money to banks they make profit out of it and give some percentage to us...is that not logical??..these so called islamic banks also work under statebank...
Ahmad replied on Tuesday, March 22, 2011 08:49 AM 

Mr. Usman,

You agree with islamic system of no interest ,,,,because you want to pay off your house mortgage in 20 years but only the principal amount...can you please give me your house in lahore...i will pay your principal amount in 20 years..????
Ahmed replied on Wednesday, March 23, 2011 04:24 PM 

No one is telling the solution....
LRE Hot Topics replied on Wednesday, March 23, 2011 05:28 PM 

Post Added To LRE Hot Topics
LRE Hot Topics replied on Wednesday, March 23, 2011 05:33 PM 

Post added to LRE Hot Topics list test
Khaled replied on Wednesday, March 23, 2011 05:44 PM 

Thankis for all giving their view point regarding the Islamic profit. Actually it is very big topic and of course all people cannot be agreed. In brief, as per Mr. Anwar I will contact to AlBaraka Bank in Lahore to discuss for this issue as it looks still much better if we get around 13-14% halal profit and with no risk.
There is no other option for those who do not have business experience and limited amount for their future except to park in an Islamic bank and get monthly return. I think we should give good advice rather than we go into lengthy discussions. I have lost one crore in property so I fed up now and decided to deposit in bank.
Kamran Malik replied on Thursday, April 28, 2011 07:46 AM 

Dear Khaled ,

If you are fed up with something it doesnt mean we declare Haram a Halal in this forum.

Mohsin explained throughly ....But i always wonder thr is one Group of people in our society who gave almost all of thr lives in Studying Quran and Hadith ...and we called them "ALIM" AND "ALIMA"....

Why the hell we wont go to them ..if the answer is they are Molvis etc and all molvis are this n tht ...thn this is a lame excuse...

If you are a heart patient ...need a bypass surgery no matter what U wud go to a Cardiologist ..good or bad is another questions...but you will search amongst Cardiologist ...You wud never ever bother to go to Dermatologist .....

Dear In every society We need Scholars and Philosophers ..So as we need in Islamic society .....But If everyone become Scholar the Socitey wud collapse ........

Now Solultion :

Please Consult Alim and then Share your finding in this forum with the Name and Contact of that Alim ...

Please forgive me if anyone feel bad or get Hurt ..May Allah give all of us a True Hadiath.Ameen
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