Fatwa #1521717 May 2007United Kingdom
National Premium Bond
Question
My Question is, is it allowed to buy National premium Bond. If awarded an prize, will it be haram. You can buy any amounts of Bonds that you wish, Instead of giving out 'interest' you are entered in prize draw every month.
I now that Bank interest is haram. What if I put my money in an High Interest rate savings account. The interst that I gain, give it to charaty, would that be acceptable.
Answer
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatoh
Firstly, in order for us to comment on the permissibility of purchasing a bond, we will require more information. What you are purchasing and what are the rules when purchasing these bonds apart from being entitled to enter the prize draw.
It is not permissible to put your money into any interest bearing account with the express intention of earning interest. If the intention of using the bank facility is for safeguard and security of the money, the interest earned on the account must be disposed off in charity without the intention of reward.
And Allah knows best
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa