Fixed Deposit And National Saving Schemes

Khalid Zaheer

July 10, 2024

1 min read 1 min

Question

Is it allowable to:

keep money as a fix deposit for five years in the bank and received a specific percentage on that amount and
keep the amount in Pakistan government policy Qawmy Bachat Scheme?

Answer

Interest offered by the conventional banks is prohibited and a Muslim should avoid taking it unless his circumstances are compelling. Qaumi Bachat Scheme too comes under the same category. However, if the government offers a regular payment to the old people in the form of pension etc taking it would be permissible no matter how revenue is generated.

Answered by: Dr. Khalid Zaheer

Date: 2015-03-03

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Dr Khalid Zaheer is an Islamic scholar and academic. He has a Ph.D. from the University of Wales. His Ph.D. thesis was a critique on Islamic Banking. Dr Kahlid also had an intensive formal religious education in Islam. He studied Quran from Dr. Israr Ahmed, Mawlana Amin Ahsan Islahi, and Javed Ahmed Ghamdi. He also went through a formal two years course on Arabic and Islamic learning from Al-Mawrid, in 1983-84. Dr. Khalid Zaheer has a deep and incisive understanding of the very relevant issue of Islam and modernity and has taught courses on Islamic ethics, traditions and economics etc. at various top national institutions, including the Aga Khan University, Lahore University of Management Sciences (LUMS), University of Central Punjab, Hailey College of Commerce, information Technology University, and Institute of Art and Culture. Dr Khalid Zaheer has also delivered various lectures on Islam in UK, Canada, Australia, Malaysia, Japan and many prestigious institutions of Pakistan. Including Civil Services Academy, Administrative Staff College and PAF War College.

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