New Bank Account Incentives
Question
The Royal Bank of Scotland has been ordered by the government as part of fair competition laws after its buy out by the government to share some of the business clients and encourage them to move to other banks. The new banks are offering incentives of £1000 to £6000 for us to join them. Is it permissible to take advantage from this incentive?
بسم الله الرحمن الرحیم
Answer
It is permissible to benefit from such switching bonuses or new bank account incentives, as long as there are no unlawful strings and conditions attached and they are given as a gift (tabarruʿ).
Allah knows best
Yusuf Shabbir
22 Jumādā al-Thāniyah 1441 / 16 February 2020
Approved by: Mufti Shabbir Ahmad and Mufti Muhammad Tahir