What we do, we turn the amount of property in shares. Suppose the actual value of house is 2000000. I want to buy all the shares within 10 years, so bank gives per share value as 10 years x 12 months = 120 shares. p (1000000 the investment of bank /120 months = 8333 Rupees/share
What I do, I take the house on rent and pay 16000 rent. it means out of 16000, 8000 is my profit. From this amount I intend to buy single share per month.
Every month my share will increase so does my profit in rent.... In 10 years I will buy all the shares of that house thus I will own the house!
If after some time bank wants to increase the rent, as we see in Pakistan it is 10% every year, even then I will not be in lose because I am purchasing 1 share every month.... rent increases means my profit will increase as well..
I want to know the opinion of you people?? What is haram in above method?? Are we allowed to do business "IF" that particular business is not haram.
Hashim
Anyone from commerce line plz answer it.
Ali
technical question
Please ask some good scholar regarding this issue
Noor Ul Huda
it is definitly haram and the haram part is "10 %" why banks give INCREASE al the time?
secondly you invest with bank do you know from where the bank is paying?
these banks in the of islam do the same thing i.e. playign in interest.
so any business with a BANKS is haram because in islam there is not concept of bank at all.
Hashim
Are you sure ma'm it is haram?
Rizwan
Brother Asim..
Insha'Allah I will share when I get the answer.
Noor Ul Huda
i am a student of finance and have a complete knowledge of what these bansk do in the name of islam.
Rizwan
Sister Noor ul Huda
Bank is getting money from people, Meezan bank is offering business accounts on profit/loss basis... You can assume that investment made by bank was taken from general people on profit/loss basis.
I know banks riba is involved in bank's business most of the times... but when a particular business has 0% riba in it then what is wrong!!
Rizwan
After a year, this is the common rule in Pakistan that the owner of house increases 10% rent on annual basis...
What you have missed ukhti... Even then I will be getting more profit because in one year I will buy 12 shares from bank. At that time I will be having 132 shares while bank will possess only 102.
Noor Ul Huda
problem is, banks cannot survive in the profit loss based system.
hota koch yun hey, keh bank logon sey pesa leta hey, and its not a caror or a few caror, its in billions, or trillions, then they invest them and purchase shares of multinationals, or any company whoes share value is on top, so that they can earn dividend.
also they lend money and earn interest, they borow money and pay interest. they invest in projects and take profit as monthly interest.
so ager kis echoty level per 0 ribah hey b tau they money of the bank is not halal at all.
ap on ki annual reports otha ker padho, they give sharp and fien twists to their accounts, they do nto give you the right figure. and they cnt give it.
if they show you loss it will eb a lie, because ager banks ko loss hony lagy, tau woh millions mein ho ga, and it will destroy their business.
Noor Ul Huda
this rule has no basis in islam brother, why to increase 10 percent on WHAT BASIS?
and also the shares which these banks purchase ar of thos ebusinesses jin keh money interest based hoti hey.
jis pesy mein ek rupee b interst ka shamil ho jaye woh wesy he haram ho jata hey, yeh baat tau apn janty he hun gey, bansk to pher millions invest ker keh trillions kama lety hein.
aur wesy b, ab money depreciate or appreciate hoti hey jis ki waja sey country interest level increase ya decrese hota hey.
aur hamarw bhooki govt bansk sey money borow kerte hey and pays them interest per month.
its very complex and extremely dangerous to attack it with islam.
Rizwan
hota koch yun hey, keh bank logon sey pesa leta hey, and its not a caror or a few caror, its in billions, or trillions, then they invest them and purchase shares of multinationals, or any company whoes share value is on top, so that they can earn dividend.
This is Halal if the account is on profit/loss basis. Islamic term is used for such business as "Mudaibah"
also they lend money and earn interest, they borow money and pay interest. they invest in projects and take profit as monthly interest.,
This is totally haram....
so ager kis echoty level per 0 ribah hey b tau they money of the bank is not halal at all.
No! This is not the case. If you are doing a fare business, you do not need to see from where other person is getting money.. A shop keeper is selling goods to every one irresptively to a prostitue, thief or smuggler.. He is very much allowed to sell his goods and do the business... What I will see.. am I doing any riba based business..