The bank calculating points for those who deposit with it, for which they pay money
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Fatwa number ( 18548 )
Q: I have a relative who has an account with the Saudi Dutch Bank, and this is a current account on which he does not receive any commission or interest, praise be to Allah. Your Eminence, this relative told me that the bank has a new program through which the holder of a current account can obtain several benefits. This program consists of points that the bank calculates for you if you keep your money with them for at least one year (the points are calculated monthly) based on the amount of money deposited, with a minimum of 250,000 riyals, and so on, the more money there is, the more points there are. These points can be exchanged for goods; for example, if you deposit one million riyals for one month, you get (75 points), and if you leave it for two months, you get double that. It must be a full year for this amount, and then you are given the option to take something worth approximately (10,000 ten thousand riyals). Your Eminence, out of fear of falling into what is prohibited, and the matter appears to be usurious interest, we ask you to issue a ruling for us, may Allah reward you with all good. Is this permissible? And is it acceptable in the Shari'ah?
A : What was mentioned is the very essence of usurious interest, and changing names does not change
the realities. Therefore, it is obligatory to be cautious of this transaction and its like; because Allah has forbidden riba (usury or interest) and intensified the warning against it in many verses. Likewise, the Prophet (peace and blessings be upon him) warned against riba (usury or interest) and cursed its eater, its giver, its two witnesses, and its scribe. So we ask Allah for health and safety for us and for you.
Q: I have a relative who has an account with the Saudi Dutch Bank, and this is a current account on which he does not receive any commission or interest, praise be to Allah. Your Eminence, this relative told me that the bank has a new program through which the holder of a current account can obtain several benefits. This program consists of points that the bank calculates for you if you keep your money with them for at least one year (the points are calculated monthly) based on the amount of money deposited, with a minimum of 250,000 riyals, and so on, the more money there is, the more points there are. These points can be exchanged for goods; for example, if you deposit one million riyals for one month, you get (75 points), and if you leave it for two months, you get double that. It must be a full year for this amount, and then you are given the option to take something worth approximately (10,000 ten thousand riyals). Your Eminence, out of fear of falling into what is prohibited, and the matter appears to be usurious interest, we ask you to issue a ruling for us, may Allah reward you with all good. Is this permissible? And is it acceptable in the Shari'ah?
A : What was mentioned is the very essence of usurious interest, and changing names does not change
the realities. Therefore, it is obligatory to be cautious of this transaction and its like; because Allah has forbidden riba (usury or interest) and intensified the warning against it in many verses. Likewise, the Prophet (peace and blessings be upon him) warned against riba (usury or interest) and cursed its eater, its giver, its two witnesses, and its scribe. So we ask Allah for health and safety for us and for you.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.