Interest (Islam In Light Of Modern Economics)
First of all I am thankful to you for your feedback . So what I summarize from your answer is that you agree thats its not haram if lender demands more money in return but it should be exactly proportion to the Interest rate declared by the state bank+service charges(if applicable) for specified time ? Correct ? Secondly , with respect to Savings Account please give me example or case study where banks deposit monthly amount more than proportion of actual Interest rate announced by State bank ? In fact , I have experienced with multiple banks that either monthly deposit amount was equal or lesser than the ratio of Interest rate. Its never been more than proportion of Interest rate which helps to maintain the actual value of cash to some extent.