Category: Business Investment
Total : 77 Results
Question ID 367 Monday 11th of March 2013
I would like to know about the ruling / Fatwa about the Lucky draw system offered by Some of the banks. As per few banks these draws are based on Islamic principle. & importantly the one which is not based on Islamic principles. Are we allowed to do some investment in to all these things..??. As we know that somehow there's no loss of money (As assured by the banks) & it is something related to banking. The banks are giving a profit in some percent annually & in addition to that banks are doing some monthly based raffle draws & distributing Cash & other prizes.
Investing in any company including in banks must not involve unlawful business like usury.
Cash draw prizes are allowed, as it is a way to attract more customers, but the business must not involve usury.
Question ID 309 Monday 4th of February 2013
In the Name of Allah the Most Beneficent & The Most Merciful Salaamum-Ale Kum, A commercial bank is owned by Muslims, is the interest credited by the bank to an individual’s savings account legal? Secondly working in the commercial loan department of the said bank? Is it allowed? Was-Salaam
> A commercial bank is owned by Muslims, is the interest credited by the bank to an individual’s savings account legal?
A1. If the money was put in the bank with out condition of interest, then the amount added is allowed, but if the money was put in the bank with condition of interest, then the interest added will be unlawful.
> Secondly working in the commercial loan department of the said bank? Is it allowed?
> A2. It is not allowed to work in any work related to interest (RIBA).