Are they allowed in Islam? You are investing your money on these bonds and there is a draw at the end of each month. Each prize has a value from £50 upwards..
Obiously your money is safe and invested into these bonds and your winnings get added on top of what u have invested and it seems to be there is no intrest involved!
Is it ok to have bonds?
Re: Prize bonds
Please note that PAKISTAN FEDERAL SHARIT COURT 1991---IN THE LIGHT OF VERDICTS TAKEN FROM ALL ISLAMIC JURISTS AND SCHOLRS ANT HEN SUPREMENT The Supreme Court (SC)’s Observations IN 1999- on the Government Finance and Foreign Debt LIKE PRISE BONDS ETC, IS AS GIVEN
The SC held that defence saving certificates, treasury bills, federal investment bonds, foreign exchange bearer certificates and PRIZE BONDS are interest-based securities AND STRICTLY PROHIBITD BY ISLAM. Therefore, return over them in the name of mark-up or profit is nothing but interest...
SORURCE:
The 1999 SC Judgement on Riba, p. 483.
The 1999 SC Judgement on Riba, p. 500.
The 1999 SC Judgement on Riba, p. 513-14.
The 1999 SC Judgement on Riba, p. 524; See Auyb, 2000.
The 1999 SC Judgement on Riba, p. 49, 65.