Benefits accruing from a loan

Submitted by admin on Thu, 2016-02-04 06:36

Q: On a buy to let ISA, for the amount saved in the ISA, the bank provides variable interest return which is haram however, as an incentive to save, the government provides £50 bonus for every £200 deposited into the account each month. Is this bonus something we can take?

A: The benefit accruing from a loan will amount to interest. According to the shar`ee definition the deposits made into a bank account are counted as loans.

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

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

Category:

Business and Dealings›Interest and Gambling›Interest bearing loans & Transactions

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