Receiving a prize in a lucky draw from a bank
Question
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?
Answer
This is not permissible. This prize is riba (interest).
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Zakaria Makada
- Checked & approved by
- Mufti Ebrahim Salejee (Isipingo Beach)
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