A bank offers prizes to those who deposit a sum of money, and the prize is won by lottery. What is the ruling on this?
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Question:
May Allah reward you, Honorable Shaykh. This questioner says: A commercial bank offers incentive prizes to those who deposit a sum of money in this bank, and this prize is won by lottery. It is known that the money remains without earning any interest. What is the ruling on this prize and this invention?
Answer:
This is the interest. This is a type of investment, so this deposit in the bank is not permissible. It is not permissible except in case of dire necessity, if you have coins you fear will be lost or stolen, and there is no safe place except in the bank, then you deposit them for safekeeping only. This is for dire necessity. But to take prizes or profits on them, that is riba (usury or interest). Yes.
May Allah reward you, Honorable Shaykh. This questioner says: A commercial bank offers incentive prizes to those who deposit a sum of money in this bank, and this prize is won by lottery. It is known that the money remains without earning any interest. What is the ruling on this prize and this invention?
Answer:
This is the interest. This is a type of investment, so this deposit in the bank is not permissible. It is not permissible except in case of dire necessity, if you have coins you fear will be lost or stolen, and there is no safe place except in the bank, then you deposit them for safekeeping only. This is for dire necessity. But to take prizes or profits on them, that is riba (usury or interest). Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، [579 -858] أحد البنوك يضع جوائز لمن يودع مبلغا من المال وتنال الجائزة عن طريق القرعة، فما حكم ذلك؟ — youtube.com
The Arabic text is a machine transcription of the audio recording.