Prizes on Deposits : prize scheme for depositors in IBs
Fatawa Question
Assalamu’ Alaikum Dr. Monzer Kahf Perhaps you have heard of the al-Awfar Scheme that is being advertised by Bank Islam in Malaysia. I would like to know your opinion about this scheme. The Shari’ah Council in Malaysia said that it is not gambling but I doubt it. Look at the advertisement : introducing a FIRST in Islamic banking. An innovative Mudarabah-based account that gives you the opportunity to get a grand prize of RM100,000 cash every 3 months. Who knows, you could be getting more for your money ! Deposit rm100 and you may get RM100,000 ! Features : saving account-i, investment Account-I Minimum initial deposit : RM100, RM1,000-1 month tenure, RM500-3 to 60 months tenure Minimum balance : RM100 Profit-sharing ratio : 98 : 2 (bank : customer), 70 : 30 (bank : customer) Who can open an account ? Individuals Associations Schools / universities Clubs / societies Religious groups Eligibility to enter prize draw Every RM100 = 1 unit of entry Frequency of prize draw Quarterly Frequency of the prize draw is every three months. Customers will be entitled to participate in the quarterly prize draw and enjoy the probability of receiving cash prizes. The cash prizes structure are as follows : For full fatwa, download the file.
Fatwa
Click hereto view more
Publication Date
2009-08-12
Main Subjects
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
3
Data Type
Fatawa
Language
English
Record ID
BIM-730864
American Psychological Association (APA)
Qahf, Mundhir. 2009-08-12. Prizes on Deposits : prize scheme for depositors in IBs. .
https://search.emarefa.net/detail/BIM-730864
Modern Language Association (MLA)
Qahf, Mundhir. Prizes on Deposits : prize scheme for depositors in IBs. 2009-08-12.
https://search.emarefa.net/detail/BIM-730864
American Medical Association (AMA)
Qahf, Mundhir. 2009-08-12. Prizes on Deposits : prize scheme for depositors in IBs.
https://search.emarefa.net/detail/BIM-730864