Receiving a prize in a lucky draw from a bank

Submitted by user2 on Wed, 2019-07-31 07:04

Q: I am living in United Arab Emirates (Abu Dhabi). Here, there is a scheme available in the Banks by the name of "National Bond". In this scheme, I have to buy some bond with the minimum of 5000 Dirhams. This 5000 Dirhams will always be with the bank until I withdraw it. Every month the bank will have a lucky draw and the winning price will be 100 000 Dirhams or 1 Kg of gold, etc. If I withdraw the 5000 Dirhams then I no longer qualify to participate in the lucky draw. Is this halaal or haraam in Islam?

A: This is not permissible. This prize is riba (interest).

And Allah Ta'ala (الله تعالى) knows best.

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

Category:

Business and Dealings›Interest and Gambling›Bank benefits and Credit card reward programmes

Disclaimer: The answer hereby given is specifically based on the question asked and should be read together with the question asked. Muftionline.co.za bears no responsibility to any party who may or may not act on this answer. Muftionline.co.za being hereby exempted from loss or damage whatsoever caused. Should the question refer to a matter in dispute between two parties, this answer may not be used in the dispute in question by either party unless the question was jointly submitted by both parties with an acknowledgement by both parties that the question was correct and accurate. This answer may not be used as evidence in any court of Law without prior written consent from Muftionline.co.za.

This is the standard version of the site.