Bank accounts with prizes : placing money in a savings account to have a chance of taking a prize
Fatawa Question
Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, I have been approached by a number of Muslims concerning the following issue. We have a bank in South Africa offering the following Savings Policy : A client can place money in a savings account on a monthly basis. The minimum amount is 100 Rand. Every time he puts money in that account, he stands a chance of winning a Million Rand or a lesser prize. The more he puts in his account, the greater his chances of winning, (e.g. 200 or 300 rands). The money he puts in his account stays his and he never loses it but it has to stay in his account for a fixed period. Could you please supply me with a Shari’ah Ruling on this issue since many Muslims are interested in it ? Shukran Jazakum Allahu Khairan for your constant help
Fatwa
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Publication Date
2006-10-03
Main Subjects
Economics & Business Administration
Islamic Studies
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-787794
American Psychological Association (APA)
Qahf, Mundhir. 2006-10-03. Bank accounts with prizes : placing money in a savings account to have a chance of taking a prize. .
https://search.emarefa.net/detail/BIM-787794
Modern Language Association (MLA)
Qahf, Mundhir. Bank accounts with prizes : placing money in a savings account to have a chance of taking a prize. 2006-10-03.
https://search.emarefa.net/detail/BIM-787794
American Medical Association (AMA)
Qahf, Mundhir. 2006-10-03. Bank accounts with prizes : placing money in a savings account to have a chance of taking a prize.
https://search.emarefa.net/detail/BIM-787794