SAVING ACCOUNT IS MORE ISLAMIC THAN CURRENT ACCOUNT

 

You may be shocked by watching the title but I’ll prove with logics In this article.

If you are a practicing Muslim and have some research on basic pillars of Islam, you already know that Islam does not give hard and fast rules for anything but it gives adjustable rules which can be modernize with time and the scholar which modernize these rules and elaborate the true spirit of Islamic rules pursuant to modern era called “Reformer”. Islam does not compile the rules to enslave the humanity but these rules always have some practical benefits for collective prosperity of a society. Like namaz, is not just a piece of exercise but has spiritual and social benefits. It gives hope, peace of mnd and confidence for spiritual development and gathering during namaz create social impacts.

Precisely addressing the economic model of islam, we come to know that entire Islamic model is supported by following key points:

1-      Discourage the accumulation of wealth.

2-      Encourage the hard work (both mental & Physical).

3-      Esurance of basic nacessacities of entire humanity.

There are a lot of sub-points of Islamic economic model but those all can be summarized in these three major points.

As mentioned above, Islamic economic model discourage the accumulation of wealth in any way, then now compare this model with current capitalism economic model. Today a banking network’s profit is majorly depending upon the interest based income from clients. On the other hand, capitalism economic model is based on the theory “Capital generates capital” means “money generates money”.

Now if a muslim want to practice Islamic economic model then what are the options for him/her?

The answer of this question is crystal clear that systems are not build by individuals but whole of societies & nations. It is out of question in practical capitalist society ,you have any option to avoid it. But what is more closer to islam is questionable. Some suggestions have been given by Islamic scholars of different era in this regard, some key points are here:

1-      Don’t receive interest based loans.

2-      Don’t give interest based loans.

3-      Open current account instead of saving account

4-      Practice Islamic banking than corporate banking.

And many more…..

So practicing in capitalism ,how an individual can bypass this banking system. Even a peon of a government institute is receiving his salary in bank account and banks major income is through interest based business (which is haram pursuant to Islam). So now first point is ,we cannot avoid banking network so unwillingly we have to be part of this so called “Haram economy”. Our elders always said if you have to choose one between two evils then choose lesser. Receiving and giving interest based loans can be avoided but opening of account cannot be avoided. So it is out of question that we are going to be a part of this economy ,we are definitely. So now the question is ,which account is lesser evil among current account and saving account. Now again check the points of discourageness of accumulation of wealth in Islamic economic model. Ponder over this question, among saving and current account which account is supporting more to accumulation of wealth. If you are a middle class job holder or small business owner and deposit your earnings to to a bank without receiving anything in return, supports more to accumulation of wealth to top. Because your money is always move forward by bank to an interest based loan. If you have a saving account and you are actually allowing the wealth to circulate more to down. Being a current account holder, you might be satisfied that you are not a part of interest based business but actually you unintentionally supporting this business because whatever you do , your money will move in terms of interest based loans. Logically and practically saving accounts circulate the money more to clients resulting discourage the accumulation of wealth to specific hands. That’s why saving accounts are more Islamic than current account.

If you have any idea, suggestion or question, feel free to ask in comment section.

Ahmar Nawaz