Variable interest and interest under other names, prize bonds and accounts : saving certificates with prizes
Fatawa Question
Assalamu Alaikum ! in U. A. E there is a bank called "Mashreq". They have a scheme in which the people can buy 'savings certificates' on whom no interest is given but there is a draw for such holders. So people usually buy this to enter the draw. My question is : Islamically is this permissible ? if you haven't understood the real nature of this kindly refer to the following site www.mashreqbank.com, this scheme is popularly known as "Mashreq Millionaire". Kindly answer my question. Thanks and Regards
Fatwa
Click hereto view more
Publication Date
2003-03-04
Main Subjects
Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-725869
American Psychological Association (APA)
Qahf, Mundhir. 2003-03-04. Variable interest and interest under other names, prize bonds and accounts : saving certificates with prizes. .
https://search.emarefa.net/detail/BIM-725869
Modern Language Association (MLA)
Qahf, Mundhir. Variable interest and interest under other names, prize bonds and accounts : saving certificates with prizes. 2003-03-04.
https://search.emarefa.net/detail/BIM-725869
American Medical Association (AMA)
Qahf, Mundhir. 2003-03-04. Variable interest and interest under other names, prize bonds and accounts : saving certificates with prizes.
https://search.emarefa.net/detail/BIM-725869
