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Prize bonds : Halal or Haram Prize bonds : Halal or Haram

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Old Sunday, March 10, 2013
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What about the National savings certificates they also offer fixed Interest????
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Old Sunday, March 10, 2013
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Assalam-o-Alaikum.

The amount given as Prize to bond holders is not Halal. The reason for its non-permissibility is that the amount given to bond holder is interest given on loan. In fact under public borrowing arrangements whatever government takes from public it usually gives interest in two ways: a) Interest with fixed percentage for every bond holder. This is the case in National Savings Schemes. b) The second way to give interest is to give a huge amount to some bond holder not to all of them. This is the case in prize bonds therefore Ulema have declared the prize given to bond holder as "Riba".

Mufti Irshad Ahmad Aijaz
Shariah Adviser Bank Islami & Affiliated with Darul uloom Karachi.
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Members are giving their own opinion about halal and haram. Its better to go to a renowned aalim or mufti to get authentic information.
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