Participating in what is called a savings account in postal boxes
Machine translationRead the Arabic original
Fatwa number ( 21244 )
Q: There are what are called savings accounts in postal boxes (in Arab countries), and their nature is that you deposit in them whatever amount you wish, small or large, on the condition that there are profits calculated for you after three months. These profits are guaranteed and fixed at a rate of (10%), knowing that the post office never gives loans, whether with interest or without interest. In return, these accounts enter a drawing process after every three months, which results in winning an amount of ten thousand riyals for one individual, regardless of the amount recorded in the account. The question: Is it permissible to open these accounts in these boxes? If I win in the drawing process, is it permissible for me to take the prize or not?
A: It is not permissible to participate in what is called a savings account in postal boxes in the manner described; because it is riba (usury or interest) that is forbidden by the Book, the Sunnah, and the consensus of the Ummah, and what follows from it, such as prizes and others, is also forbidden; because what is built upon a forbidden thing is forbidden.
And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: There are what are called savings accounts in postal boxes (in Arab countries), and their nature is that you deposit in them whatever amount you wish, small or large, on the condition that there are profits calculated for you after three months. These profits are guaranteed and fixed at a rate of (10%), knowing that the post office never gives loans, whether with interest or without interest. In return, these accounts enter a drawing process after every three months, which results in winning an amount of ten thousand riyals for one individual, regardless of the amount recorded in the account. The question: Is it permissible to open these accounts in these boxes? If I win in the drawing process, is it permissible for me to take the prize or not?
A: It is not permissible to participate in what is called a savings account in postal boxes in the manner described; because it is riba (usury or interest) that is forbidden by the Book, the Sunnah, and the consensus of the Ummah, and what follows from it, such as prizes and others, is also forbidden; because what is built upon a forbidden thing is forbidden.
And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.