Is Interest Paid By Banks In Saving Accounts & Fixed Deposits Riba Or Sood?
Question ینک میں جمع کرائی ہوئی رقم کی قیمت افراط زر کی وجہ سے وقت کے ساتھ کم ہوتی چلی جاتی ہے، لہٰذا کیا بینک سے حاصل ہونے والا سود اس صورت میں بھی حرام ہوتا ہے؟ Answered by Rafi Mufti سود تو ہر صورت میں حرام ہے، لیکن اگر کوئی شخص بینک سے حاصل ہونے والے اضافی روپے میں سے افراط زر کی شرح کے مطابق حساب لگا کر رقم رکھ لیتا اور باقی رقم کی ایک ایک پائی بینک کو واپس کر دیتا یا بغیر ثواب کی نیت سے غربا میں تقسیم کر دیتا ہے تو اس کی نیت چونکہ سود لینے کی نہیں، بلکہ محض کرنے کی ہے،لہٰذا ایسا شخص بالکل صحیح ہو گا اور اس پر کوئی اعتراض نہیں ہو سکتا۔ ‘inflation’کو ‘cover’
Thanks, let me try to simplify the problem a bit. I can understand looking at this thread where confusion began (inflation offset). The idea is pretty straight forward – The money deposited in bank will lose its value over time if I withdraw exactly same amount 5 years from now. The right term for this as you would agree is TVM – Time value of money. TVM factors in the interest rate (r%) in the computation and it accounts for inflation in that interest rate, they go hand in hand. Keeping aside all other terminologies (to simplify this), if bank’s return on your savings account (r1%) or CD (r2%) or money market account (r3%) is higher than the bank’s interest rate (r% – TVM is computed on this), then you are getting additional money from the bank (greater than TVM or r%) and that is not allowed. If your savings account, CD or money market’s yield is less than bank’s interest rate (r% on which TVM is computed), that is not interest (you are actually losing money here). Hope this helps.
Dear @Fawwad sb – You are overthinking a simple issue, please read on TVM, discount rate/APR and FV (future value). The discount rate/APR already factors in “inflation”. So your initial $100 based on current “inflation” already factored in (in the discount rate or APR) gets you $1 – so your $100 does not lose its worth over time. Bank already took care of this for you with APR! No CPI needed in this equation. CPI factors in a lot of other things and it is not related to “inflation” on your $100 deposit. Thank you. Stay blessed!