Is it allowable to:
There are about six Islamic banks working in Pakistan. Some are Pakistani and rest are of different Islamic countries like Dubai, Abu Dhabi, Bahrain, Saudi etc. they tell that their business is looking after by a board of ulema and their business is all Islamic. They announce their profit every month.I want to ask whether it is allowed making investments in fixed accounts of these banks.
Am I allowed to save some for rainy days which is excess to my needs in Islam, and if not what is provision of 2.50 per cent of zakah. It may also be explained that how can a society be developed equally by the ratio of 97.50 percent and 2.50 percent. I am a Muslim but very confused.
I have to ask that is it Halal to open an account and use profits by Pensioner’s Benefit Account (PBA) under National Savings Organization, Ministry of Finance at National Savings Centre (NSCs)?