Are help to save schemes halal?
UK govt scheme where only low income people are eligible. It is designed to help low income people to save up for 4 years.
You deposit upto maximum £50 per month and at the end of 2 years the govt gives you 50% of what you saved as a bonus. And then again at end of year 4.
They claim it is not interest. And the money is held by National saving and investment. However if the govt is using this money then this will be considered as a loan? And the bonus will be riba wouldnt it? Please help