Every one of us is trying to earn through a small investment in stocks or electronic wallets and Easypaisa Savings is one of them that is offering earnings as per our investment schedule. Easypaisa Bachat plan is offering budget-friendly packages for its account users. But Easypaisa account holders have doubts about the earning mechanism and its behaviour and who they are major stakeholders.
However, the users are very unsatisfied with the earning model as gold is being highlighted as the main source of income but the past hikes in gold prices in Pakistan have demanded account users to increase their profit. So, it feels like the investments are subject to modification and risky if the company gets defaulted.
The company is offering daily profit according to the 3 packages and subscription models that are:
- SILVER PLAN with 2,000 PKR investment and 7% interest rate.
- GOLD PLAN with 5,000 PKR investment and an 8% interest rate.
- PLATINUM PLAN with 20,000 PKR investment and a 9% interest rate.
The main point of the talk is that users are confused about whether the money earned through Easypaisa is Halal or Haram. To answer this, we have to go through the different Islamic references to make sure and confirm it. First of all, we all know that Interest (Ribaa) is Haram in Islamic Religion. Whether it is in any form from taking loans to giving loans with interest rates.
Further, you might have also observed that telecom companies often reward their customers with free call minutes, SMS, and limited internet bundles. Do you ever think about how a business can offer its paid subscription services for free to anyone with a balance or even with 0 balance? The reason is that the bundles or services that are offered for free are the earnings from different interest-based models. For example, the company provides its valued customers with Interest-based loans for balance in an emergency and you pay for it after having a loading balance for further usage.
According to Dr Bilal Philips, Ribaa (interest) may seem to increase the quantity of one's health, but in fact, it decreases its blessings. Moreover, giving some part of your wealth to someone and then earning through this is considered Haram. So Easypaisas' Saving subscription is something like that in which we pay or deposit from wealth to them and then they provide us profit based on the interest rate and subscribed package.
Currently, the Telenor Microfinance Bank has itself started giving loans of up to 10,000 rupees. After getting a loan, you will have to repay it along with the interest rate based on the policy of the agreement. Similar services are also being offered by Habib Bank Limited also known as HBL in its Konnect wallet with a slogan of Gullak and an interest-based earning rate of almost 13%.
I had tried many times to reach the Easypaisa merchandise that could specify their earning model but they were unable to provide me with a satisfactory answer. Soon after that, I also reached Facebook live chat to have a conversation regarding it. The customer help support was not good and they replied that earning is the reward that a customer gets. Unfortunately, that was too weak a response to justify whether the rewards were Halal or Haram. After that, I researched on Google and YouTube, and I got to know that the banking chain is totally interesting and you can't rely on it if you are willing to have halal income.
In Islam, even if you lift someone who has given you his wealth under your protection and you are earning from his stock is also Haram. Because you are giving him a lift if and only if has invested some part of the money. However, if you haven't kept something from him and given him a lift without any profit is something different. So, the Telenor Microfinance Bank is doing something like that it borrows some money from account users under their custody and then shares the profit earned through its money.
As far as I am concerned, I would suggest my audience earn money in a Halal way. They must generate different small business ideas and startups. Moreover, the business can be started for only 2,000 rupees and of course, more would be better. insha'Allah you People would have a good reach and revenue if you properly understand the product and its customers. You would be required to research the items and then the type of customers that want to pay for them.
Several business ideas can boost your finances. The more you invest your time, the more profit you will earn through it. But keep in mind that investment in any of the banks in Pakistan is useless and interest-based. In Islam, Earnings from interest are like declaring war against Allah and his last messenger Prophet Muhammad PBUH. I would strongly recommend following the Islamic Shariah law guidelines and investing in the feasible business models of Startups.