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Question ID: 23049
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aoa, honourable sir I have a few questions
Questios
A Welfare Trust has been established for the welfare of retired employees. It gets money from individuals or group of people for a fixed duration of two or five years and in turn, gives interest to the investor on six monthly bases on fixed terms. The organization does not give loan to any individual or to any organization but invests amount in certain welfare projects and factories. Is interest given by this trust allowed? And does it fall under Riba?
Question
A Bank awards defense saving certificates and national saving certificates for a particular time period and claims that the amount so collected is used for defense purposes. After lapse of stipulated time, interest is given on principal amount. Please elaborate whether interest given by the bank is allowed or does it fall under Riba?

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Asked on July 7, 2011 11:50 pm
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1) Falls under Riba
2) This is Riba.
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Answered on July 7, 2011 11:50 pm