Premium Bonds and Islamic Law

Premium bonds has been discussed for decades about their ability to actually hit on interest-bearing savings plans and conventional banking practices. Premium bonds allow the bond buyer in a monthly lottery that takes out loan to individual part numbers. If your bond number you took a cash prize of £ 50, which may extend to one million pounds awarded. Your investment is safe and the government uses the money to finance public projects. There were conspiracy theories and others grumbling about the premium bond system and now there are religious concerns.

A recent ruling in the Islamic world has made Premium Bonds property against Islamic law. Muhammad al-Adam Kawthari has said the Koran into, that are designed to receive the shares, premium bonds, a loan instead of a partial ownership of a company than in shares. The act of making money from your own money in the form of interest is considered usury and takes from the pillar of faith, which is profit. Islamic scholars have all bonds, interest rates produce declared to be unlawful. Also, a premium bond prize money, apart from interest and can not be permitted.

Is the Islamic religion is against Premium Bonds, who will present what the sales of as if it suddenly be allowed. The sale of the bonds would rise and the odds would be skewed a little. The Muslim population in Britain could bring millions of pounds into the public coffers. The funds generated would help Britain pay its war debt and finance at the same time British forces occupied Muslim countries. The cleric could have made the decision Premium Bonds degree unlawful for that reason. It could a good idea for the \\; National Savings and Investments or the government to make a statement that the funds are not for military or war funding to be used.

The government is to be in a premium bond on a way for the Muslim citizens are empowered to participate work. The Islamic financial system work on systems in fixed assets and even Pakistan to fund Islamic bond issues on its streets. If the British government figures find a way to do this then they are the first Europeans to ever be able to be so that the Islamic world to participate in the premium bond market. This increases sales and thus to the British Muslim citizens to have fun and save their money in a secure way.

The National Savings and Investments are investments against other companies trying to secure the financial relations with the Muslim communities are run. Lloyds TSB, one of the largest banks in the country, known to Islamic accounts, which are structured to be offered to Muslim investors. The account will remain respectful to Islamic law while giving the investor a safe way to keep their money in a bank and make money without the idea of \u200b\u200binterest. Premium Bonds can not be allowed in the Islamic world, but new plans are on track.