What is the ruling on the returns of money saved in postal accounts, and what is the ruling on opening a savings account in a bank without agreeing on a specific interest rate, and what is the ruling on saving gold to sell it when its price rises?
Returns from postal savings accounts are forbidden because they are in exchange for the client lending the postal service the deposit amount, and they result from the postal service investing these deposits in interest-based (ribawi) banks. Opening a savings account in interest-based banks is not permissible. However, in banks that adhere to the provisions of Islamic , it is permissible in principle and is considered a (profit-sharing) contract, provided that the profit share is known. Saving gold for sale is permissible. As for money saved, whether in gold or otherwise, if its is paid, it does not fall under the prohibited hoarding (kanz) against which warnings have been issued.
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