Why Muslims can't invest in RRSP, GICs etc anything that has interest ?

[canabiz]

Folks, our discussions at lunch time today quickly turned to RRSP since the deadline for contribution is next week...A couple of my co-workers who are Muslims asked me what is RRSP...i was rather taken aback since they were born here in Canada and is very much well-educated, i guess my point is we have been constantly bombarded about RRSP either on TV, on the 'Net, in the banks etc so it came as somewhat of a surprise why some people don't really have some sort of an idea what that is...

Anyway i explained to my co-workers briefly and was told that they don't invest in RRSP because it generates interest and that is against their beliefs. Same deal with stocks, GICs, bonds etc, even lottery stuff like 649, sports wagering and obviously the casinos.

Buying and selling a business to pocket the profit is apparently OK as is evident by one of the Prince of Saudi Arabia who recently purchased Four Seasons (Hotel) Corp.

Now i guess my question for the RFD Muslim stalwarts like Rehan, fakishan, asim and some others whose name escape me at the moment is kinda twofold

1/ What's so wrong about interest ? We have been taught since early age about saving and investing and diversifying and growing our money etc you know the drill. I would understand if you guys are against gambling but investing is a no-no as well ?

2/ How would you guys *manage* or *grow* your money in other words.

Looking forward to your thoughts. I don't agree with my co-workers' points of view but I do respect what they believe in.

[Gordon]

http://www.glumbert.com/media/rave.html

[TheRide]

Thanks for yet another useless post gordon.

maybe this helps... http://www.inter-islam.org/Prohibitions/intrst.htm

[b0rk]

This happened to me in high school as well. I think it's something along the lines of: "you work for your money, not your money working for you".

But...according to my economics prof, inflation is a tax (or cost) of holding money. If you hold money and dont invest anything with it, you're essentially giving away your money.

[TheRide]

Found this "Earning interest is not permitted according to the Shari'ah, and normally there are no reasons why a Muslim should earn interest. Muslims are required to use their money, funds and properties in businesses and investments that are compatible with the Islamic Shari'ah. Earned interest does not become a property of its earner because an interest-generating contract is not a means for earning. In other words earned interest is not yours and the principle is that you must return it to the person who paid it"

http://www.islamonline.net/servlet/S...=1119503543718

so along the lines of what bork said. good job.

[fakishan]

wtf is a stalwart?
http://en.wikipedia.org/wiki/Stalwarts

for the record; i'm not a muslim nor an arab. I don't adhere to any religion for that matter. I simply studiy and observe other cultures out of pure intrest.

and profiting from interest was considered a sin in most major religions including christianity and judaism ( in fact, some orthodox jews still reject it).

[Sajjad]

1 out of every 1,000,000 muslims probably follow this.

[Sajjad]

wtf is a stalwart?
http://en.wikipedia.org/wiki/Stalwarts

for the record; i'm not a muslim nor an arab. I don't adhere to any religion for that matter. I simply studiy and observe other cultures out of pure intrest.

and profiting from interest was considered a sin in most major religions including christianity and judaism ( in fact, some orthodox jews still reject it).

a person who is loyal to their allegiance (especially in times of revolt)

[Sonbuster]

RRSP's are just a sneaky way for the government to get back some of the money issued via tax refunds, so in reality they're not really losing any money. i'm probably totally wrong, sorry for wastin gyour time

[Ryan]

It's technically against traditionally Christian beliefs as well.

http://en.wikipedia.org/wiki/Usury

When you put money in the bank, you are technically lending it to the bank.

[fakishan]

a person who is loyal to their allegiance (especially in times of revolt)

ah, then I suggest he retract my name from the list.

[Sajjad]

ah, then I suggest he retract my name from the list.

Agreed.
He made broad and possibly offensive statements by proclaiming that they were religious.
No one can say whether I'm religious or not, I can only say.

[Montague]

RRSP's are just a sneaky way for the government to get back some of the money issued via tax refunds, so in reality they're not really losing any money. i'm probably totally wrong, sorry for wastin gyour time

Sorry but that makes no sense.

[fakishan]

Agreed. He made broad and possibly offensive statements by proclaiming that they were religious.

it's the usual, with them a 110% without question or against them thinking that terrorists and extremists use.

[ZenOps]

A lot of ultra-right Christians will not buy insurance on anything. House, etc.. and I'm sure car too (if it were legal)

Its a form of gambling really, insurance... You basically go to hell if you buy insurance. *Ned Flanders* does not buy insurance.

I don't see how that is any different from someone who does not believe in *tax breaks* or interest on money. Seems like an unscroupolous way to get around something, maybe a ticket to hell.