Are Prize Bonds Halal
Answered by Shaykh Ilyas Patel
I have prize bond of difrent values such as Rs. 200 Rs. 1500, Rs, 15000 if I win the prize the money is halal or Haram & the buying of prize bond is also Halal or Haram
In the name of Allah Most Compassionate Merciful
I hope you are fine and in the best of health and iman.
Buying prize bonds is not permissible. Also in the event of winning the prize too is not permissible. In prize bonds though each person’s investment remains but interest is added according to the ratio of investment. Then the interest is put into a joint pool and the accumulated interest of each person is given to the individual who won the prize.
In conclusion, it will be not be permissible to buy prize bonds, as it is interest that is added to the invested amount and the eventual winner takes the interest which was gathered as prize money.
And Allah Knows Best