[iTz_NoT_Me_iTzZu]

I spend a LOT of money eating out. I've been trying to stop but theres rarely ever any food in the house because my brothers eat it all

[Timbit]

I bank with RBC and Scotia and both were able to do that for me. If they can't, I've read that you can donate the money.

Anyway, my family doesn't think giving/getting interest is haraam, so they don't care about this stuff. They were surprised to hear that I don't get interest on my savings account and my brother tried to convince me that it doesn't really matter.

[zeyneddine]

Originally Posted by IbnMardhiyah

Not if the savings rate is retroactively matched to the inflation rate, retard.

Try again.

LOL. Nice name-calling. Keep it up. Great way to justify sins.

In any case, for anyone who does wish to folllow Islamic practices, please keep in mind that giving or taking interest is akin to sleeping with your mother.

Additionally, UChicago has held a host of Islamic Finance lectures. In all such seminars, interest accrued in Savings account have been held haraam. Inflation is not a justification for you accruing money through interest. And simply put, Islam does provide for the concept of time value of money, it holds money simply as a means of barter.

[zeyneddine]

Originally Posted by bravotwozero

I don't understand what this means. What do you mean by 'savings rate'? Does that refer to the amount of money a person deposits into his/her bank account?

And if the savings rate is matched to the inflation rate, then why is this not considered interest?

Although, I don't buy the argument that 'savings accounts' are haram either. If you don't want your bank account to accrue interest, you can always tell the bank you do not want any interest deposited on your accounts. I highly doubt they'd have a problem with this.

Savings accounts in general are interest bearing accounts. If you dont wish to accrue interest, you put your money in a checking account.

Regarding inflation, do a simple google search. The opinion that savings account is only offsetting inflation is held by some scholars. Other scholars also argue that Islam disallows usury, not interest. In all cases, do what you feel best. Islam is pretty clear in the concept of Riba.

[iTz_NoT_Me_iTzZu]

Originally Posted by Timbit

Anyway, my family doesn't think giving/getting interest is haraam, so they don't care about this stuff. They were surprised to hear that I don't get interest on my savings account and my brother tried to convince me that it doesn't really matter.

that's weird. how do they justify that? just out of curiosity

[wheelworks]

Originally Posted by iTz_NoT_Me_iTzZu

that's weird. how do they justify that? just out of curiosity

Denial

[Timbit]

I don't think it's that weird. I know a lot of people who don't believe interest is haraam. Some people will say it's usury that's haraam, which is an excessive rate of interest. Others will say you have to look at the rationale behind the rulings and that they don't always apply. A mortgage helps you to get a house, so how could it be haraam?

My family thinks:

1. Everybody in Pakistan does it. If it were really haraam, the scholars in Pakistan would say something.

2. They believe the rule here is about preventing exploitation. Your bank is an institution and you're not exploiting them (actually, they're using your money in other ways), so you can accept the interest they give you ('cause you give them some too and you're not being exploited either).

Also, my dad thinks that Islamic banking is really not much different.
Yeah, my family's liberal about some things. *shrug*

[zeyneddine]

Originally Posted by Timbit

I don't think it's that weird. I know a lot of people who don't believe interest is haraam. Some people will say it's usury that's haraam, which is an excessive rate of interest. Others will say you have to look at the rationale behind the rulings and that they don't always apply. A mortgage helps you to get a house, so how could it be haraam?

My family thinks:

1. Everybody in Pakistan does it. If it were really haraam, the scholars in Pakistan would say something.

2. They believe the rule here is about preventing exploitation. Your bank is an institution and you're not exploiting them, so you can accept the interest they give you ('cause you give them some too and you're not being exploited either).

Also, my dad thinks that Islamic banking is really not much different.
Yeah, my family's liberal about some things. *shrug*

Again it depends on how the person views it. In Islam, Riba is haraam. Mortgage helping you get a house is not a valid reason. NyQuil helps you sleep if you have a cold/flu/cough. It has alcohol in it, which even in minuscule quantities is haraam. Similarly, Centurm, which is a vitamin tablet is haraam, because the tablets have gelatin in it which can be made of pork. On the other hand, insulin is usually extracted from swine/cow hormones, and since its an essential need, it is considered to be an exception.

Everyone in Pakistan are total numbskulls. Pakistan certainly shouldnt be looked as role model for Islam. Additionally, the government through its "scholars" has made Profit and Loss accounts permissible. Its a different story that the account will never have a loss, but oh well.

The rule is that Islam does not hold the concept of time value of money. Additionally, increase of money without effort or entering into a trade is considered interest and is prohibited.

[Timbit]

Originally Posted by zeyneddine

Again it depends on how the person views it. In Islam, Riba is haraam. Mortgage helping you get a house is not a valid reason. NyQuil helps you sleep if you have a cold/flu/cough. It has alcohol in it, which even in minuscule quantities is haraam. Similarly, Centurm, which is a vitamin tablet is haraam, because the tablets have gelatin in it which can be made of pork. On the other hand, insulin is usually extracted from swine/cow hormones, and since its an essential need, it is considered to be an exception.

Everyone in Pakistan are total numbskulls. Pakistan certainly shouldnt be looked as role model for Islam. Additionally, the government through its "scholars" has made Profit and Loss accounts permissible. Its a different story that the account will never have a loss, but oh well.

The rule is that Islam does not hold the concept of time value of money. Additionally, increase of money without effort or entering into a trade is considered interest and is prohibited.

We can't take NyQuil?

EDIT: Really, I have nothing else to say on the topic. I explained why people think what they think (especially my family because I was asked as to their rationale). The end.

[zeyneddine]

Originally Posted by Timbit

We can't take NyQuil?

EDIT: Really, I have nothing else to say on the topic. I explained why people think what they think (especially my family because I was asked as to their rationale). The end.

NyQuil - Wikipedia, the free encyclopedia

Look at the picture of children's NyQuil and read the caption

[Timbit]

Great.
Small amounts of alcohol are haraam?

[zeyneddine]

Originally Posted by Timbit

Great.
Small amounts of alcohol are haraam?

Hadith - Abu Dawood, narrated Tariq ibn Suwayd or Suwayd ibn Tariq

Wa'il said: Tariq ibn Suwayd or Suwayd ibn Tariq asked the Prophet about wine, but he forbade it. He again asked him, but he forbade him. He said to him: Prophet of Allah, it is a medicine. The Prophet said: No it is a disease

edit: further quote

In Sunan Ibn-I-Majah Volume 3, Book of Intoxicants, Chapter 30 Hadith No. 3392

"Anything which intoxicates in a large quantity, is prohibited even in a small quantity."

here you go sis.

[Timbit]

Okay, that's moreso asking about whether it's okay to drink a glass of red wine everyday for the health benefits. Obviously not.

EDIT: Yeah, I've heard that second hadith before too, but I've swear I've read an opposing view. I'm gonna go make sure on SunniPath. This wouldn't be an issue if it weren't for NyQuil. I like NyQuil, haha. It's great.

[zeyneddine]

Originally Posted by Timbit

Okay, that's moreso asking about whether it's okay to drink a glass of red wine everyday for the health benefits. Obviously not.

EDIT: Yeah, I've heard that second hadith before too, but I've swear I've read an opposing view. I'm gonna go make sure on SunniPath. This wouldn't be an issue if it weren't for NyQuil. I like NyQuil, haha. It's great.

Medical benefits of red wine have been discovered really recently. Alcohol has long been used as medicine for cold and stuff.

[sisterthing]

I have a problem saving money, whatever I get I go shopping with