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Investment Advice For 20 Years For Daughter,

(79146)
Wednesday, August 7, 2013 04:20 AM 

May be others consider it a silli question, but I wish to take advice from experts, I am motivated some what with jublee insurance that if I take a policy worth 2 million for 20 years (1 lakh per year) so at the time of marriage of my daughter it will be about 1 cror plus.


BUT personaly I am afraid that I don't know it is allowed in ISLAM or not.

Please comment.

Secondly is there any property investment where I spend 2 million for 20 to 22 years and get return one cror plus.

Reincarnated replied on Wednesday, August 7, 2013 05:43 AM 

Brother,
Do NOT invest in life insurance or any such long term fixed deposits. What you will get after 20 years is the 1 crore of today and not one crore of THAT time, Your 1 crore of today will be worth equal to or even less than the worth of your actual money (approx 20 lac) that you would have invested in 20 years. I did a similar thing 10 years ago and today the worth of my investments after 10 years is hardly equal to the actual worth of money that i invested in these 10 years.
My sincere suggestion is to invest in property or gold. Both these commodities almost always sustains the real worth and growth of capital over long periods.

Khalid Mahmood replied on Wednesday, August 7, 2013 06:11 AM 

Dear brother,
This type of insurance is totally against the teachings of Islam, so it is 100% HARAM There is no doubt. As you may be aware of that in Islam all investments with equal profit and loss risk is allowed and is Halal. My sincere advice is you better invest in DHA or Bahria Town or any good society. InshAllah you will get benefit.
Trust in ALLAH and keep your faith strong.
Jazak Allah

Adnan replied on Wednesday, August 7, 2013 06:18 AM 

Firstly, why would you think insurance is haram, you pray for your afterlife, it is your insurance, is it haram, you do good deeds and be a good human being, it is insurance for your afterlife, is it haram. Everything must not be looked at in a religious context. Quran has clearly laid down guidelines for haram and halal, no need to ask around, just read the quran (in Urdu please so you understand). No, insurance is not haram and there is no religious connotation of insurance, it is just an investment for the security of your daughter's future.

Ahmed replied on Wednesday, August 7, 2013 06:22 AM 

Your 1 crore 20 years from now will get you a lot less than what you get today for 2 million even if you keep inflation at a low rate or stay conservative about the rupee devaluation.

Invest in gold, it is one of the best hedges against inflation.
Invest in property like NFC2, Phase IX 5 marla. I expect a 5-7% increase in both over the next 20 years. Enough to tackle inflation.
Buy a 20 year Islamic (sharia compliant) bond or sukuk.

UAE 2 replied on Wednesday, August 7, 2013 09:32 AM 

It is a shame to see that Adnan has compared insurance to ' praying for your after life' . Alhamdullilah, Islam is a very simple and easy religion to follow but that does not give us the liberty to manipulate things to our liking. Insurance is haram, period. Praying for your after life is halal and a sunnah of not only Prophet Muhammad SAW but all Allah's Prophets. How can the two be the same? Pls refrain from misguiding people. If God forbid, Mr Adanan were to suffer from some heart ailment today, he'd look for the best cardiologist in town, whereas when the concern is a matter of deen, he has taken it upon himself to interpret the Quran and give illogical fatwas! To all brothers out there, pls consult your aalims and mufti hazraat whenever you need guidance on such matters. Jazak Allah.

Z.F replied on Wednesday, August 7, 2013 10:56 AM 

As per my information and knowledge life insurance is not forbidden in Islam. u can ask any mufti but due to very harsh conditions of Pakistan its not good at all ... inflation is too much , its better to invest some secure property ...

Nadeem replied on Wednesday, August 7, 2013 02:01 PM 

If you find doubts, its better don't go there.

Abid Rana replied on Wednesday, August 7, 2013 02:14 PM 

Salam to all,

As we are going to specialist doctor when we are sick so we have to go to in the matters of DEEN to specialist and educated ulma's.

As concerned matter of gain in long run the best is the property because of following reasons;
1) Population growth brings rise in prices of everything esp property.
2) No one can steal property in world. Yes, may be its possible in Pak but even than its much more secure comparatively gold.
3) Dha is the best in the world not only just in Pak. in the sense of outcomes.
4) In 20 years,the price of 10 marla would be same as is now in phase 1,2,3,4,or 5 or other schemes of LDA, CDA, Bahria etc.
5) Unfortunately Pak rupee is descending. This is also cause of rise in property prices in Pak.
6) If luckly Pakistan's economy stables and grows then will be more suitable for property hike.
7) Whole world is sitting in crises even they are known as stablised, industrial, rich, democratic, honest and itelligent etc. But Pak is being pushed in unstabilty. Actually crises in Pakistan is just of Energy, rest all is PRESENT to Pak.
8) Actually it is principle of nature, "every rise have fall and every fall have rise." And this count down is started.
9) According to our DEEN, property investment is halal but zakaat must be paid if applicable.

So brother, investment in property is best than any other way of savings.

Wa salam,

AR replied on Wednesday, August 7, 2013 02:16 PM 

Invest maximum on her education and nothing else. Still if you have surplus money buy her real estate. No Insurance, it is rubbish and will be even lower value when get mature.

habib asghar replied on Wednesday, August 7, 2013 02:23 PM 

bhai sb just invest the 5marla or 10 marla file in phase 9 but do not invest in jubilee.

Adnan from Bahrain replied on Wednesday, August 7, 2013 02:27 PM 

Dear UAE2, how is insurance haram, can you quote one ayat from the Quran please, I have been reading the Quran for many years, I could not find a single verse that prohibits insurance, I have read Bukhari hadith many times, cant find one hadith prohibiting insurance. Can you quote something that Allah or his Apostle said which will reflect your opinion, or is it just another uneducated guess that results in blind following of dubious religious fatwas that rule our nation today.

amir replied on Wednesday, August 7, 2013 06:55 PM 

hi guys Allah blessed me wid two daughters ,since they came in my life ,ALLAH helped me a lot , 3 years back i was in business and i was struggling at that time my income was 25000 per month ,me and my wife had some extra money worth 7 lac , i decided to invest it in property ,i worked on ineternet and turned to website lahore real estate after lot of thinking i decided to invest in DHA ph 9 ,at that time it worth 14 lac , and managed a partner who was agreed to invest wid me , and we both invested in ph 9 and , we bought that file in 15 lac ,and its was really hard 4 me to get extra 50thousand but i sumhow i manged it , and wat happend next is file took jump slowly and stands at 17 than u guys know it goes to 30 and than i sold my file and my money turn into 15 lac just after 1.5 years and then i invested in dha ph 7 10 marla i bought it in 19 and now it worth 35 lac , by the grace of ALLAH my business get better and my incum jump to 1 lac ,ALLAH helped me becuz i always know ALLAh granted me wid two gifts and that y ALLAH helping me a lot ,thanks u ALLAH

Rana replied on Wednesday, August 7, 2013 09:20 PM 

all questions have been answered by mr amir.great

Mohsin replied on Thursday, August 8, 2013 02:15 AM 

Great thanks AMIR sahib for sharing this news daughters are the great gift Allah has given us without them we are zero

Abdul Ghani replied on Thursday, August 8, 2013 05:20 AM 

From my personal experience I would recommend to go for some plot (Preferably commercial)in some reliable society. Since you are going to invest for almost 2 decades wait for the launch of some new development by DHA or Bahria & go for a commercial plot.
If you want to invest right now. I think, NFC2 is a good option.
Regards

Mufti na banoo replied on Thursday, August 8, 2013 07:59 AM 

jiss koo daikoo mufti bana hoa, 2 million 20 years mein pay karna haan, ajj hee pay nahi karr daina. 1 lakh in year so its not bad deal but further there is also risk involve in insurance polciy they give you 1 caroor amount base on if the company will meet target & share go up but they dont tell you if its goes down than what u will loose.

UAE 2 replied on Friday, August 9, 2013 05:15 AM 

@Adnan, I do not wish to get into a confrontation on any matter related to deen, but I will clarify my point with a very simple example: If someone were to put a spoonful of alcohol in a glass of water infront of us, would we go ahead and drink the water saying it is not mentioned in the Quran or Hadith that water is haram? The working of most insurance policies is interlinked to interest, thus making them haram. If that wasn't the case then why would the need for shariah compliant products arise?
With regards to your dubious fatwa comment, I am sorry but I don't agree. There might be a few problems, but those can never undermine the great work of most aalims and muftis whom have spent their entire lifetimes studying deen and have devoted themselves sincerely to the cause of Islam. I shall not be commenting any further on the issue. May Allah SWT keep us all on Siratul Mustaqeem for a lifetime, aameen.
Eid Mubarak to all brothers! Taqqabbal Allahu Minna wa Minkum.

Adnan replied on Friday, August 9, 2013 06:43 AM 

Dear UAE2, your comments once again clearly demonstrate your lack of understanding of the religion, if you read the Quran, you will clearly understand the meaning of sud / interest. You have no idea what sharia compliant banking is, I work for an Islamic investment bank in Bahrain and we own an Islamic commercial bank as well, and trust me, the p&l sharing and markup type arrangements are nothing but another word for interest. Islam has been too much victimized by uneducated mullahs who have for centuries taken unto themselves without any authority to define the religion. How can uneducated moulvis define the divine book of Allah with reference to extremely complex financial system of the world economy. I rest my case brother, your insurance and your beliefs. My understanding of the religion comes from the book of Allah and it does not need any interpretation. Massalam

Z.F replied on Friday, August 9, 2013 03:29 PM 

I have invested some money in life insurance company few years ago. I personally believe its not so much beneficial deal. Although i live abroad even than its not so attractive. I recommend '' khuch bhi na ho to phir teek hai warna alternate ways should be adopt.

Muhammad replied on Saturday, August 10, 2013 03:52 AM 

I purchased insurance policy for $40 per month if I die today I will get $100000. They sell the product I purchased it. No interest involve.

Also It is the responsibility of Islamic govt just in the days of Hazrat Umer (RA, Allah Merci upon him)that Every orphan and widow will get support from Govt, is it happening in Pakistan, Africa, Middle east?

The answer is NO. Therefore, if govt is failed then act wisely save you children and family.

If it is HARAM Please comment so I could get benefit from it but please explain with logic do not quote irrelevant Islamic quotes like if you mix alcohal in water then the water is halal or haram. once again please be relevant

Zia replied on Saturday, August 10, 2013 10:08 AM 

Long discussion is going on here on insurance. There are many financial instruments like derivatives, bonds, swaps, marketable securities etc which are not mentioned clearly in Holy Koran and Hadiths but to decide about "haram" or "Halal" we apply some Islamic Principles. We must do the same for Insurance.

Islamic scholars do not sit on this forum to answer the question or to give fatwa, therefore being a Muslim we must consult some qualified scholars on such issues instead of giving our own remarks about Islam.

UAE 2 replied on Saturday, August 10, 2013 10:35 AM 

@Adnan, Sorry forgot to mention, for interest of the public at large and for our pious Muslim Brothers in Bahrain, kindly mention the name of your bank and affiliates so that they refrain from dealings with your bank. You'll be doing a great service to the Ummah, saving them from being mislead and from haram.

UAE 2 replied on Sunday, August 11, 2013 08:38 AM 

@Muhammad, I wasn't giving any relevant or irrelevant Islamic quotes, just explaining by a very simple example for the layman at large! Though, Alhamdulillah I am glad that you have asked whether your policy is halal or haram. My dear Brother, the whole purpose of my posts is to bring this ' fikar' of halal and haram in our hearts and the to go to the RIGHT SOURCES to get the answers. If you could tell me where you are based, I'll get you the contact of the nearest Islamic Ulema Council whom would be pleased to answer all your questions. If we can make so much effort even when it comes to selecting a right kindergarten for our kids, then this little effort made to reach the Ulema will not only benefit us here but in the hereafter as well. JazakAllah.

Hussain Kaisrani replied on Sunday, August 11, 2013 08:41 AM 

An opinion about KIA INSURANCE JAIZ HAI - EIK NUQTAE NAZAR (Urdu) on my following blog post may be beneficial for some friend:

http://kaisrani.blogspot.com/2013/08/blog-post.html

Adnan replied on Sunday, August 11, 2013 12:12 PM 

Dear UAE 2, firstly my blood does not boil on personal attacks from people, I have been very respectful to you and deserve the same. Anyway, you have yet again demonstrated that you are merely impressed with names of people at the helm of affairs than having any knowledge of the actual product. I suggest you go to an Islamic bank and take a home loan, or a car lease, or a personal loan and read the contract that you have to sign. For example, an Ijara is a car loan where the bank buys the car for you at x price and builds its profit into the price and gives the car to you on installments at y price which is obviously inflated. Now how is it different from interest since you are still paying more than the purchase price over a period of time. It is just a different name and a different contract, but the end product is the same. Therefore my dear brother, don't bother about my bank name, just open your mind to accept criticism.

These ulemas are not God or his prophets, they are only human like you and me, and the Quran does not explain riba, it only declares it haram. However, don't you think it is wise to note that 1500 years ago, neither banking nor insurance existed and most trade was done by barter, not exchange of a financial instrument. There was no devaluation of currency nor were there any banks. Therefore, it is important to understand the true meaning of riba rather than just follow the word. Again, I request you to compare Islamic banking products with other commercial banks and see if there is any difference at all, except for the wording.

Adnan replied on Sunday, August 11, 2013 02:52 PM 

Dear UAE2, on your second post criticizing my religious beliefs, for your information, I have read the quran in Urdu and English, many times, unlike most of our Muslim brothers, and I have read Bukhari hadith many times, and I have read Islamic history many times, does that make a scholar capable enough to interpret quranic jurisprudence in light of the complex world economic system. You see the problem with today's Islam is that it has been interpreted by people who have only read religious text but have no idea about medicine, astronomy, science, finance, biology, physics, chemistry, etc. That is why we are led to believe that development of humankind is evil, however, the Quran clearly states at many places about the Allah's signs in stars, skies, earth, water, oceans, human body, etc.

If Allah has clearly instructed us to do Ijma which is basic democracy, why would we only ask the clergy to do this ijma for us. Why wont we make a committee including the clergy of course, but also chartered accountants, politicians, scientists, agriculturists, doctors, engineers, people from all walks of life, to interpret the religion for us. Allah says in the Quran, "we have placed signs in the stars for you, so is there anyone who would seek". Does this ayat not point out clearly that Allah wants us to be astronomers, is it not a clear cut instruction that astronomers have a role to play in religion. So why follow interpretations from the clergy only, that is why Muslims today have such extreme views. We would consider the word of a mulla as the word of God and follow blindly without any consideration. I respect your desire to stay away from riba, and all of us must do that. All I am saying is that Islamic banking does not really eliminate interest at all, it only rephrases the term.

Adnan replied on Sunday, August 11, 2013 02:58 PM 

The link that Mr. Hussain Kaisrani has posted says exactly what I am saying. We must not blindly follow the mulla only because he has a big name. Dr. Amir Liaquat Hussain is perhaps the most famous Islamic person today, and everyone knows his true self. We must read and understand. We must read the Quran in our own language, we must read Islamic history, I promise you, it will change your lives.

UAE 2 replied on Sunday, August 11, 2013 03:02 PM 

I have a million words to write, but will not do so. With all due respect, in matters of deen I shall only follow one who is highly qualified and is an aalim in the religion of Islam and not in any other field, just like God forbid if my child were to fall sick, I'd take them to a paediatrician and not a software engineer.
It hurts to see that in the world today, we go out of our way to shower praises on famous personalities, whether, doctors, lawyers, politicians or worse, even film actors! Whereas we do not want to hear about people who have devoted their entire lives to the cause of Allah.

The greatest and most important part of Islamic history (and the lives of the companions of the Prophet SAW) was the amount of disciple they had in studying deen and the boundless,immeasurable respect they had for their Ustads. Had that not been the case and had they all interpretted Islam by themselves, then, we would not have a Bukhari Shareef today! Imam Bukhari RA was not given a flash drive with all ahadith in it!

لَكُمْ دِينُكُمْ وَلِيَ دِينِ
"For you is your religion, and for me is my religion." (109:6)

UAE 2 replied on Sunday, August 11, 2013 03:02 PM 

Forgot to add, I have never followed Dr. Amir Liaquat. Alhamdulillah, I only follow an aalim or mufti whose way of life is in accordance to the Sunnah/hadith of the Prophet SAW.

ahmad replied on Sunday, August 11, 2013 04:50 PM 

dr tahir ul qadri has written 500 books.he called himself seikh ul islam.every body knows how big liar he is.donot follow these big names and muftis.mostly are uneducated.

ahmad replied on Sunday, August 11, 2013 04:59 PM 

modern days banking system is different from 1400 years ago riba system.u cannot say that bank sud is a completely shape of that riba system.

ahmad replied on Monday, August 12, 2013 06:46 AM 

one my friend borrowed one lakh rupees from me five years ago.now he has re turned one lakh to me.but actually he returned only 50 thousands.
because in last five years real value of one lakh is decreased to 50 thousands. so who is responsible for my loss.giving karz hasna and loosing your own money.this is the meaning of Quaran AND sahria.oh come on man.donot be stupid.mr UAE donot boil your self.this is a major problem with us if some one is not agreed on our opinion we r ready to give a fatwa.this is not a good attitude.donot think like taliban. they donot listen to any one.i respect your opinion and your must have to respect the opinion of others.

Hello replied on Tuesday, August 13, 2013 11:21 AM 

As far as Insurance is concerned, I would try to sum it up keeping the religious discussion on a side.

Insurance for the sake of security of your family is always beneficial, however, it should be in a moderate manageable amount that you can save monthly or yearly. It should only be looked at as a fall back arrangement.

Insurance for the sake of Investment is the worst investment decision you can make for yourself and your family. I speak from my personal experience of the last 15 years.

Friend replied on Wednesday, August 14, 2013 11:55 PM 

Actually we want to be remained as a Muslim while keeping ourselves out of Islam.
This is the biggest illusion we Muslim do have the world over?
Islam is very simple to understand and to act upon!
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