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Author	Topic: Egyptian Saudi FINANCE BANK
kkkaaa Member Posts: 280 Registered: Apr 2005	posted 09 May 2005 04:12 PM does anyone hold an ESF SAVING accounts??? http://www.esf-bank.com/esf-bank/saving.htm i have abhout Ł2000 per annum or Ł200 per month to invest in the bank i hear the rate of return is very good Any Comments? [PS i can only deal in interest-free finances] IP: Logged
salama Member Posts: 994 Registered: Nov 2004	posted 09 May 2005 04:24 PM KA, why do not you invest your money in the post office and donate the interest to a mosque or a family,.. I am sure the post offices do not deal with weapon of mass destruction.! IP: Logged
newcomer Member Posts: 808 Registered: Jun 2002	posted 10 May 2005 12:45 AM Assalamu alaykum salama! A Muslim should only put their money in an interest-bearing account if they are forced to because there are no other means of keeping his money safe; there is no sin in doing so if there are no options. In that case he should separate the interest and give it away as you said, but the first option should be to look for a way that no riba is involved. Political considerations are secondary. http://63.175.194.25/index.php?ln=eng&ds=qa&lv=browse&QR=23346&dgn=4 Sorry kkkaaa, I have no personal knowledge of the ESF, but as long as you realize that you may have to face the possibility of taking losses or gains on your investment with them, it could be a good option. IP: Logged
sonomod Member Posts: 1253 Registered: Mar 2004	posted 10 May 2005 12:51 AM quote: Originally posted by salama: I am sure the post offices do not deal with weapon of mass destruction.! He, He, He are you admiting something here? Mind you many Islamic banks also pay interest on saving accounts. Plus many pension plan's mutual funds for public sector employees in the USA and UK have company stocks with organizations that had funds frozen and are on watch lists for terrorism sponsorships. Its strange that intelligence reports often noted board members and corporate director's as financial sources for the Al-Quida yet the government pension plans still bought the stocks from these companies. Compliance, compliance, compliance.... IP: Logged
kkkaaa Member Posts: 280 Registered: Apr 2005	posted 10 May 2005 12:19 PM well thank you... i know it good idea to give zakat with the interesr, but i was thinking of investing some amount of money to get a fair return during my studies. most bank in the UK and around the world are interest based.....some pple say Islamic bank are interst based, other say that they go around it some how i neva understand, when they try to xplain to me. newcomer, the savning account in the ESF doesnt go down ???? i think it give a good reuturn of 5%-15% variable, every period... i gues my MAIN question is: Are the any INTEREST-FREE investment/saving bank accounts in Egypt??? [its hard to see how else an instiuation can give return without practicins ribaa :S?] IP: Logged
nooralhaq Member Posts: 687 Registered: Nov 2004	posted 10 May 2005 02:44 PM Hey Salama. Heard from Sara yet? Did she get settled ok? Did you ever get your electrical equipment fixed or are you still all thumbs on that one? How is the family? IP: Logged
newcomer Member Posts: 808 Registered: Jun 2002	posted 10 May 2005 02:47 PM Assalamu alaykum kkkaaa! A couple of points, you can’t give zakat on interest, it’s not halal money, you just have to give it away with no hope of reward. From what I understand if a bank guarantees a specific return that is counted as riba, but I don’t have a lot of detailed knowledge in this area; you should check with someone who does. I understand though that investments are permissible in halal organizations and part of the reason for that is that we take a risk along with the other partners of a profit or loss, so you need to check out this type of place. On the other link where you were talking about interest free banks I gave a list of the banks and investment houses in Egypt that say they offer interest-free accounts, why don’t you check it out. IP: Logged
salama Member Posts: 994 Registered: Nov 2004	posted 10 May 2005 03:11 PM [QUOTE]Originally posted by nooralhaq: [B]Hey Salama. Heard from Sara yet? Did she get settled ok? Did you ever get your electrical equipment fixed or are you still all thumbs on that one? My dearest and best friend, Noor, Our moslim sister Sara is leaving on the 18th May. As for my equipments Lool, but sadly , still loose..! Thanks for trying to fix ..! [This message has been edited by salama (edited 10 May 2005).] [This message has been edited by salama (edited 10 May 2005).] IP: Logged
salama Member Posts: 994 Registered: Nov 2004	posted 10 May 2005 03:16 PM If you reside in the UK brother KA, then the HSBC set up account for moslims in the UK. They promised not to use the returns in a haram investments. In Birmingham, a moslim bank has opened just recently as well.Check it out. IP: Logged
kkkaaa Member Posts: 280 Registered: Apr 2005	posted 11 May 2005 08:11 AM quote: Originally posted by nooralhaq: Hey Salama. Heard from Sara yet? Did she get settled ok? Did you ever get your electrical equipment fixed or are you still all thumbs on that one? How is the family? slam noor thx for ur insight into the financial service in egypt out of nowhere newcomer, yes u r right, riba cant be zakat, i misread wat salama wrote. as far as i know is that interest is basically the charge on money with time. so the the bank chrages pple money [ a pc] on the money given over time... as with saving account, we are "charging" the bank by givin our money to them [so they can lend it to other peopple] of course the rate on saving will be alot less than on loans, as this is how they make thier profit.. so ESF does not charge money upon money, i think they do sumthing else, in saudi or sumthing....like invest in oil market, or commodirty, or sumthing :s salama...yes there is the Islamic Bank of Britain.. only two opend one in B'ham, one on Edgware Rd, London.... i shud open an account, as well as other muslims... as the more money we give them , i think the more easier it is for the bank to be halal.... so if we put all our saving to this bank, rather then a jewish bank, the islamic bank will have more capital to lend pple [interest free inshaAllah i hope] and invest more but im looking for Egyptian bank IP: Logged
salama Member Posts: 994 Registered: Nov 2004	posted 11 May 2005 09:28 AM KA wrote: salam noor thx for ur insight into the financial service in egypt out of nowhere newcomer, yes u r right, riba cant be zakat, i misread wat salama wrote. Dear KA, ya akhi, efham..! women can communicate between the lines. Men- on the other hand- always miss the lines and the in between ! As for the zakat, I did mention a not about zakat..! Perhaps newcomer can elaborate about the interest donation as Sadaka..? assuming the investor does not deal with 7aram, like building hospitals, or school,..,..? [This message has been edited by salama (edited 11 May 2005).] IP: Logged
newcomer Member Posts: 808 Registered: Jun 2002	posted 11 May 2005 02:50 PM Assalamu alaykum salama! If you check out the link I gave above it explains about what to do with the any interest you might accrue from an account that you had due to lack of alternate options. The money you give away cannot be called sadaqa either as sadaqa is given hoping for a reward from Allah too, but interest has to be given away with no hope of reward. IP: Logged
kkkaaa Member Posts: 280 Registered: Apr 2005	posted 11 May 2005 06:33 PM wa salam all 4get insterest :P i want to know about NON-INTEREST Mashi ! hmm, read between the line....lets see.. there is nothingin betweeen them excepst a space...do all women hullicaite??????? quote: Originally posted by nooralhaq: Hey Salama. Heard from Sara yet? Did she get settled ok? Did you ever get your electrical equipment fixed or are you still all thumbs on that one? How is the family? IP: Logged
newcomer Member Posts: 808 Registered: Jun 2002	posted 12 May 2005 12:00 AM Assalamu alaykum kkkaaa! If you atually read the lines that people had bothered to post you would find the information that you are looking for. IP: Logged

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