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In the Name of God بسم الله
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Salams Can I trouble kind members to share rulings of our marjas regarding the interest we receive on savings (cash) from banks? i-e halal, haram, mubah, makrooh e.t.c Are there any conditions under which that interest maybe acceptable? Is there an element of niyyah (intention) involved considering that many of us have to pretty much follow current worldwide financial system in order to compete/survive? Or is it outright haram? e.t.c If possible, I'd also like to know how the rulings are deduced. My layman understanding is that part of the interest we receive on our savings covers the inflation rate. And part of it (real interest) is what an investor in general expects to receive as a profit for investing in the financial institution. The latter seems to be the suud (interest) which Islam forbids. Am i on the right track? If so, can we accept/receive the rate/interest which atleast covers inflation? Also welcoming members who have their personal research/thoughts to add to this discussion. Thankyou
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I have written two articles so far on the subject of monetary reform, to replace and exclude usury. I hope you will find them interesting. Towards a Programme of Monetary Reform Government Finance in a Usury-Free Economy Thank you.
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