Would saving certificate schemes be considered as Riba (interest)?
Our teacher, Mr Javed Ahmad Ghamidi, is of the opinion that if the Pakistani government offers financial help to its old citizens on the basis of a scheme, it is okay because it is its obligation to do so. If the government is indulging in riba-based arrangement in doing so, it is not the responsibility of the individual.
My humble opinion is that insofar as simple pension is concerned, the principle is fine. However, if the government is offering its old citizens fixed returns on the basis of an investment, it is riba and should be avoided except in case when the individual is in real difficulty, which many pensioners are in.