Question:
Please explain the specific case of stock market in more detail.
I had a solution in my mind regarding bank accounts, I am going to share with you. Since p.l.s accounts give us the interest with a fixed rate, they are categorized haram by some Ulema. (Although people argue that since currency value decreases by time, so it is not haram specially in an unstable country like Pakistan) and current account keeps your money but they deduct money in terms of charges.
So, won’t it be better that a man keeps his money without any decrease or increase. He takes bank statements at some intervals calculates the charges deductions and balance, withdraws surplus money (profit) divides it among needy.
Is it possible? Or despite doing all this he will be among those dealing with ‘Ribaa (interest)’?
Answer:
Fixed-rate or otherwise, interest is haram. Distributing the money among the needy is not sadaqa of any kind but only getting rid of riba, which needs to be done.
Hajj Gibril
