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Nairaland Forum / Nairaland / General / Religion / Islam for Muslims / Can A Muslim Keep A Fixed Deposit Account? (53447 Views)
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Re: Can A Muslim Keep A Fixed Deposit Account? by Nobody: 7:15pm On May 31, 2012 |
Fixed deposit is allowed on the clause that at the end of the period, on interest is accrued. It's MIMO: Money In Money Out. |
Re: Can A Muslim Keep A Fixed Deposit Account? by Nobody: 7:15pm On May 31, 2012 |
Fixed deposit is allowed on the clause that at the end of the period, no interest is accrued. It's MIMO: Money In Money Out. |
Re: Can A Muslim Keep A Fixed Deposit Account? by Ironi: 7:47pm On May 31, 2012 |
At the heart of the Islamic prohibition of usury (Riba) is the maxim that if you do not plant, you cannot reap. This constitutes a rejection of the false claim to a ‘time-value’ of money. Money by itself cannot increase over time without any input of labor, or without the risk (of loss or of gain) inherent in an authentic business transaction. Saudi Arabia the Islamic HQ of the world has been selling Oil at run away prices, the price of oil and gas has for no justifiable reasons been hiked and Saudi Arabia has been raking in the dollars at the expense of many poor countries. Is this not a violation of Riba or whatever? I guess it doesn't matter so long as they make the money from infidels? What a concept! 1 Like |
Re: Can A Muslim Keep A Fixed Deposit Account? by Nobody: 10:01pm On May 31, 2012 |
abbeydot: Salam everyone,№ be una pple dey govt. Way dey steal moni even the one way dem no save atal! Moslims keep fooling themselves! Especially the Boko's of the North. |
Re: Can A Muslim Keep A Fixed Deposit Account? by zakson4real(m): 11:55pm On May 31, 2012 |
Fixed deposite is nt aloud in Islam,because Bank make profit wit it dat is y it is nt aloud in Islam Reason: you dnt no d busines dat d bank use ur mony 4,may b dey use it 4 gamblin or 2 promote gulder or star whic is Haram in Islam. Masalam |
Re: Can A Muslim Keep A Fixed Deposit Account? by ibnjarir(m): 7:51am On Jun 01, 2012 |
One thing dat is certain is dat conventional banks usaully make money through "haram & halal" means.This is an ambuity matter so just 4get about any fixed deposit wit conventional banks in order 2 b free 4rm any sin. |
Re: Can A Muslim Keep A Fixed Deposit Account? by Lisa1: 7:52am On Jun 01, 2012 |
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Re: Can A Muslim Keep A Fixed Deposit Account? by ziccoit: 8:21am On Jun 01, 2012 |
Ironi: The HQ of Islam is the Almighty Allah and His Prophet which The Noble Quran and Hadith represent respectively. There are a lot of things the non-Muslims do not understand which eventually becloud their sense of reasoning all the time Islam is being explained. 1 Like |
Re: Can A Muslim Keep A Fixed Deposit Account? by maclatunji: 9:27am On Jun 01, 2012 |
^I'll say... |
Re: Can A Muslim Keep A Fixed Deposit Account? by maasoap(m): 11:22am On Jun 01, 2012 |
fesse: So many issues with this "religion of peace"Islam is a detailed religion. You're not a Muslim, so don't develop headache on matters that dont concern you. Islam is a way of life. 1 Like |
Re: Can A Muslim Keep A Fixed Deposit Account? by Babaji111(m): 12:03pm On Jul 10, 2014 |
davidylan:Understand the context first before commenting. If you don't believe, silence is the best for you. The context is saying that when usury/interest is so common ie the advent of conventional banking system has proven what Prophet Muhammad has said. How old is conventional banking system? 2 Likes |
Re: Can A Muslim Keep A Fixed Deposit Account? by makzeze: 1:48pm On Sep 07, 2014 |
MRMICKMEN: NOOOO a muslim cannot use fixed deposit its haram according to S.A.W. use the money to sponsor jihad and boko haram and heaven is yours. hypocritical idiotdull mind |
Re: Can A Muslim Keep A Fixed Deposit Account? by BetaThings: 11:25pm On Sep 08, 2014 |
scopusng: Foo.ls, shine yah eyes opOf course to you we are fools A lot of people much smarter than you with well-recognised achievements believe in God and they still go around quietly |
Re: Can A Muslim Keep A Fixed Deposit Account? by BetaThings: 11:26pm On Sep 08, 2014 |
CHESSBOARD:Tell us here please |
Re: Can A Muslim Keep A Fixed Deposit Account? by BetaThings: 11:28pm On Sep 08, 2014 |
fesse: So many issues with this "religion of peace"In Islam, we have rules because we obey the injunction of God Some other religions allow people to do whatever with sometimes strange outcomes |
Re: Can A Muslim Keep A Fixed Deposit Account? by BetaThings: 11:34pm On Sep 08, 2014 |
sharpman1:There are significant differences 1. If I lend money to somebody, my expected return is fixed, whether that person makes a huge profit or suffers a loss 2. I don't care what is done with my money In Islamic banking, if I we are into profit sharing,we would also share losses in the same ratio. So the addition is not guaranteed I will not allow my money to be used to finance any non-halal business |
Re: Can A Muslim Keep A Fixed Deposit Account? by BetaThings: 11:40pm On Sep 08, 2014 |
thisisayus: № be una pple dey govt. Way dey steal moni even the one way dem no save atal! Moslims keep fooling themselves! Especially the Boko's of the North.I looked at your posts and I advise that you free your mind of the misconceptions that you have allowed hateful people to fill it with You will be happier Politically - Jonathan is not a Muslim and he runs the government of today As for stealing money -we know there are bad eggs and in Islam if you steal you must (1) return the money and (2) seek forgiveness and (3) determine not to do it again All the 3 are required for forgiveness. So any muslim who steals will face the music However this thread is not really likely to be of interest to those who steal, making their money non-halal The OP does not want to grow halal income in a non-halal way |
Re: Can A Muslim Keep A Fixed Deposit Account? by BetaThings: 11:51pm On Sep 08, 2014 |
Ironi: Saudi Arabia the Islamic HQ of the world has been selling Oil at run away prices, the price of oil and gas has for no justifiable reasons been hiked and Saudi Arabia has been raking in the dollars at the expense of many poor countries. Is this not a violation of Riba or whatever? Is Saudi the only member of OPEC And are all members of OPEC Muslim countries? And does OPEC account for up to 50% of world crude oil sales? And how is Saudi Arabia supposed to sell crude oil at a cheap price to poor countries while others sell at market price and what is meant by poor? Some poor countries are poorer than their leaders. So who benefits from this difficult-to-administer price discrimination which may lead some "poor countries" demanding more than they require and selling the excess elsewhere at market price Ironi: Which infidels? Are you talking about the infidels mentioned in the Bible about those of us who are not Christians which you are enjoined "not to yoke yourself with?" In any case are you suggesting that Saudi Arabia should not sell oil to non-muslims even if they need it? Yet Saudi Aramco employs a lot of Christians But your pastors will not tell you because you must not be allowed to see that Muslims are actually tolerant Contrary to what you have been told 1. Saudi Arabia is not Islam 2. Muslims are allowed to trade with non-muslims 1 Like |
Re: Can A Muslim Keep A Fixed Deposit Account? by AwiskaJr: 2:13pm On Jul 02, 2015 |
Salam Alaikum How do we compensate for inflation? There was an instance a man delivered two tippers of sand to me. I wasn't able to pay him till a year later. At the time of delivery a dollar exchanged for 163. When I paid him it was up to 195. I converted the amounts and paid him the difference because the value of Naira had changed. So instead of paying him 21,000 I divided 21k by 165 then multiplied the answer by 195 so he can still have the same purchasing power. Now I have a fixed deposit for a bank guarantee and after one year the guarantee expires and I receive 500k additional. Is this money Riba? Please provide hadith and Ayat if possible. |
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