Job Discussion Forums

Chaudhry · Joined: 22 Aug 2009 Posts: 59

I wonder if someone of you have invested in interest free profit schemes in Saudi Arabia while working there?

Grendal · Posted: Tue Aug 25, 2009 11:39 am Post subject:

Profit!!!!!!!!!!

Haram! Haram!

Grendal

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

I thought profit was fine... it is interest that is haram. Laughing

VS

johnslat · Posted: Tue Aug 25, 2009 2:16 pm Post subject:

Dear veiledsentiments,
Indeed - Saudi, after all, is "The Land of the Prophet."
Regards,
John

Grendal · Posted: Tue Aug 25, 2009 6:05 pm Post subject:

Too much profit is not good. The same with too many prophets.

G

trapezius · Posted: Tue Aug 25, 2009 6:36 pm Post subject:

"Interest free profit schemes"?

Please elaborate.

You do realize that the available number and variety of investment products in Saudi is very limited, right?

The best you can do is invest in the various mutual funds offered by banks, and make some money for free while you work for a year or two or more. I have some money invested, and it was doing great, then went down by a lot because of the global crash, but is coming back up again steadily.

I invested a total of SR. 35,000 in 4 different funds, and it reached SR. 52,000 within 2 years (not bad, huh?). The SR. 52,000 fell to SR. 19,000 in a matter of few months starting last December. Now it is back up to SR. 30,000, again, not bad! I hope when I leave here permanently in 2 to 3 years, it would be back up to at least SR. 40,000 so I feel like I made some money.

But what I should have done was redeemed all the funds when they were at 50K, which means I would have gotten 50K in cash, and then I could have bought units of the funds again a couple of months ago, and the 50K would have reached 80K by now (same ratio as 19K --> 30K), and I would have had 80K sitting in my account now, and growing!!!! Evil or Very Mad