Where does islam stand on premium bonds? I was thinking of getting them.
Re: premium bonds
moved to religion for replies.
Re: premium bonds
Anyone?
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:sigh: Still waiting…
Re: premium bonds
2:274 Those who spend their wealth on the needy, by night and by day, secretly or publicly, have their reward with their Sustainer. They shall have nothing to fear or regret.
2:275 On the other hand are those who eat Riba (usury), in greed of money, run around like someone who has been bitten by a snake. They claim that trade is like usury. But God has permitted trade and forbidden usury. One to whom the clear Admonition has come from his Sustainer, must abstain from taking usury forthwith. What he has taken in the past, he may keep and his judgment rests with God. As for him who returns to usury, such are the companions of the Fire wherein they shall abide.
Re: premium bonds
so is that a YES i should go for it or a NO? Please can someone explain in plain english. Thanks
Re: premium bonds
I am guessing that you are in the UK. If so, the premium bond scheme is more like prize rather a fixed interest income. I am not an Islamic scholar, so I would recommend that you consult with your local authority or a scholar that you respect regarding this matter.
The answer may depend on the permissability of ‘prizes’ for many branches of Islam. Since I am Sunni Hanafi I can provide you with an answer from Hanafi source:
http://qa.sunnipath.com/issue_view.asp?HD=1&ID=8306&CATE=15
All the best.