This in reference to Silk Bank's latest savings account package which reads, "Munafa Rozana"
LINK: http://www.silkbank.com.pk/html/munafa_rozana.html
They are offering "profits" - AKA Interest - on DAILY basis. And they are actually proud to be doing so. If we flip back to the history of interest accrual, it originally started from yearly basis (as far as I can flip back). Then semi-annual interest accrual gained popularity. In order to give tougher competition, some banks introduced monthly interest accrual to win the hearts of those who yearn for easy living. A few days back, I got to know Silk Bank has now started offering DAILY interest accrual so that the investor's money can multiply at 30 times the rate! Where the hell is the world going?? What is coming up next?? I guess it'll be hour-ly interest accrual, then minute-ly interest accrual and then who knows I might survive to see the advent of second-ly interest accrual!!! How handicap do these banks plan to make us?! We were working a little with yearly system because it took 365 days to mature. Now, I believe we need not work at all!! I am not quite sure where this will lead us to, but as far as I can see, the future of this scheme seems a bit too shady to trust!
Peace.
the thing which you are in favor of is actually against the shria...
ReplyDeleteinterest is harm in islam so how could you support this...
I am clearly against interest - i believe it will ruin us. I am not against Sharia. Please read through again.
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