Investment In Government Saving Schemes And Employers Provident Funds
The reason for avoiding a savings account is different. Since most conventional banks earn their money through riba, we try not to take any share of it unless there’s a compelling reason. Please refer to the following video for Ghamidi sahab’s comments in this regard: Discussion 32234 • Reply 33115 The issue with government savings schemes is not in how the money might be used in a society. The problematic issue is that a government savings scheme, in essence, is a loan in which they pay an additional amount on top of the borrowed principle. These should be avoided also unless there’s a compelling reason. Ghamidi sahab has discussed riba/sood in a lot of detail. You can find those discussions here: Discussion 30863