I have just started using a debit card but i want an option for a savings account . Most saving accounts come with 0.5-1% interest rate so what exactly does that mean?
Also would like to know if this is religiously acceptable (islam) (only if anyone has that knowledge please, its alright if you dont, you can avoid mentioning it)
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> Also would like to know if this is religiously acceptable (islam) if anyone has that knowledge.
As is common in many religious traditions there are ways around religious rules. For Islam the way to avoid the prohibition against charging interest (“Riba”) is something called “Murabaha” or cost-plus financing.
Instead of charging interest, with Murabaha the seller and purchaser agree on the cost of something and an associated markup which just happens to be exactly the same amount as what would be paid in interest. They don’t pay a percentage of interest but instead pay a percentage of markup, which is totally OK because gods love technicalities.
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