Every one of us is trying to earn through small investment in stocks or electronic wallet and Easy Money Savings is one of them which is offering earnings as per our investment schedule. Easy Paisa Savings Scheme is offering budget friendly packages for its account users. But Easypaisa saving account holders have doubts about the earning mechanism and its behavior and who are its key stakeholders.
However, customers are quite dissatisfied with the earning model as gold is being highlighted as a major source of income but the recent rise in gold prices in Pakistan has demanded account users to increase their profits. Therefore, it appears that the investment is subject to review and is risky if the company defaults.
The company is offering daily benefits as per 5 packages and subscription models:
- Silver plan with 2,000 Pakistani rupee investment and 7% interest rate.
- Gold plan with 5,000 Pakistani rupee investment and 9% interest rate.
- Platinum Plan with Pakistani rupee 20,000 investment and 11% interest rate.
- Titanium Plan with Pakistani rupee 50,000 investment and 14% interest rate.
- Diamond Plan with Pakistani rupee 150,000 investment and 18% interest rate.
The Answer of the Easypaisa Saving Account is Halal or Haram
The main point of this debate is that the users are confused whether the money earned through easypaisa saving is halal or haram. To know the answer, we have to study various Islamic references to confirm and confirm it. First of all, we all know that usury is forbidden in Islam. Be it in any form, from borrowing to lending with interest rates.
Apart from this, you must have noticed that telecom companies often give their customers free call minutes, SMS and limited internet bundles. Have you ever wondered how a business can offer their paid subscription services for free to anyone with a balance or even 0 balance? This is because bundles or services offered for free are monetized through various interest-based models. For example, the company offers interest-based loans to its valued customers for emergency balance and you repay it after loading the balance for further use.
According to Dr. Bilal Phillips, interest may increase the amount of one’s health, but it actually decreases one’s blessings. Moreover, it is forbidden to give a part of one’s property to someone and then earn money from it. So Easypaisa saving account subscription is something where we give or deposit money to them from our assets and then they give us benefits based on the interest rate and the package subscribed.
Currently, Telenor Microfinance Bank itself has started lending up to Rs.10,000. After getting the loan, you have to repay it with the interest rate based on the policy of the agreement. Habib Bank Limited, also known as HBL, is offering similar services in its Connect Wallet with the slogan of Piggy Bank and an interest-based earning rate of around 13%.
I tried several times to Easypaisa’s business entity to explain their earning model but they could not give me any satisfactory answer. Soon after, I even took to Facebook Live Chat to discuss it. Customer support was not good and they replied that earning is a reward that the customer gets. Unfortunately, this answer was so weak that it could not be proved whether the reward is halal or haram. After that I researched on Google and YouTube, I found that the banking chain is completely interesting and if you are interested in earning halal income, you can’t trust it.
In Islam, if you give a lift to someone who has given you his wealth under your protection and you are earning from his stock, it is also forbidden. Because you are giving him a lift only when he has invested some part of the money. However, if you have not hidden anything from him and have given him a lift without any benefit, then it is a different matter. So, what Telenor Microfinance Bank is doing is that it borrows some money from the account users under its protection and then shares the profit earned from their money.
As for me, I will advise my viewers to earn money in a halal way. They should create various small business ideas and startups. Moreover, a business can be started with just Rs 2,000 and will surely get better. Inshallah if you understand the product and its customers properly, your reach and income will be good. You need to research the items and then the type of customers who are willing to pay for them.
Many business ideas can increase your finances. The more you contribute your time, the more benefit you will win through it. But remember that investment in any bank of Pakistan is profitless and based on interest. In Islam, earning from usury is like declaring war against Allah and His last Messenger, Hazrat Muhammad (peace be upon him). I would strongly recommend following Islamic Shariah guidelines and investing in a viable business model of the startup.
