An Islamic bank has planned to launch a draw scheme for all of its current customers availing financing facilities from the bank Hussain Hamed Hassan.

Fatawa Question

An Islamic bank has planned to launch a draw scheme for all of its current customers availing financing facilities from the bank. The subject matter of the draw will be 24-carat gold coins of a certain weight. The bank will issue winning certificates to the draw winners, and they will have to collect their gold coins from a gold trading company. The bank will agree with the gold trading company that the company will deliver the coins to the certificate holders, and upon delivery of all the coins the bank will make payment as per the market rate upon the day of delivery of each coin. The bank will sign a sale agreement with the gold trading company before the launch of the draw scheme. Shariah guidance is sought in this regard.

Fatwa

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Publisher

Islamic Finance News

Publication Date

2015-04-01

Country of Publication

Malaysia

Main Subjects

Economics & Business Administration
Islamic Studies

Data Type

Fatawa

Language

English

Record ID

BIM-783039

• APA
• MLA
• AMA