Please advise if is permissable to open up a savings account under the following conditions:
Question
Please advise if is permissable to open up a savings account under the following conditions:
One of the banks is offering a savings product where you save your money in an account that does not earn any interest. There are no service fees. As an incentive for people to save money using this product, account holders are placed in a monthly draw where they might win cash prizes. The prize is not guaranteed. Furthermore the account holder's money is never placed at risk.
Will it be permissable to utilise this savings product?
Answer
Assalamu Alaikum Warahmatullah
Brother/Sister in Islam
It is permissible to use such a savings product. However when doing so, one should not have an intention of wanting to win a prize through the product. If he does win a prize, it will be permissible.
And Allah Knows Best
Mufti Ebrahim Desai
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- Answered by
- Mufti Ebrahim Desai
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