Bank,post & mutualfund interest
Bank,post & mutualfund interest
I keen to know about bank ,post & mutual fund interests are haram or halal at per the Qur'an
Re: Bank,post & mutualfund interest
I don't think Quran classifies interest. It says interest is haraam. People asked the prophet (saw) that it is the same as business where you produce something for x and sell it for x+y. Interest is the same they said. You give x and then ask for x+y. Allah says in the Quran that making money through business is allowed and interest is prohibited.
Re: Bank,post & mutualfund interest
Thanks Bro,So may we assume that bank,post & mutual funds are one type of business?anajmi wrote:I don't think Quran classifies interest. It says interest is haraam. People asked the prophet (saw) that it is the same as business where you produce something for x and sell it for x+y. Interest is the same they said. You give x and then ask for x+y. Allah says in the Quran that making money through business is allowed and interest is prohibited.
Re: Bank,post & mutualfund interest
Are they based on interest?