Prizes for competitions : 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 Shariah 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-788639

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