I have investment in Mashriq Bank, they provides entry in raffles every month as a special scheme called as Mashriq millionaire.
Mu' meneen Brothers and Sisters,
As Salaam Aleikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)
One of our brothers/sisters has asked this question:
I am Mohd. Babu, recently embraced Islam and staying at Abu Dhabi UAE.
My doubt is:-
I have investment in Mashriq Bank, they provides entry in raffles every month as a special scheme called as Mashriq millionaire
This is Halal or Haram.
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Interest based banking
In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is none worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.
Dear and beloved brother in Islam, it is not the concept of investments or dealing with a bank which is declared as unlawful in Shariah.but what has categorically declared as unlawful and haraam by Allah and His Messenger (saws) is the concept of riba or interest which forms the very core of most interest-based conventional bank.
Allah says in the Holy Quran Chapter 2 Surah Baqarah verse 274-276:
But those who devour riba become like the one whom Shaitaan has bewitched and maddened by his touch. They have been condemned to this condition because they say, Trade is just like riba, whereas Allah has made trade halaal and riba haraam. Henceforth, if one abstains from taking riba after receiving this admonition from his Lord, no legal action shall be taken against him regarding the riba he had devoured before: his case shall ultimately go to Allah. But if one repeats the same crime even after this, he shall go to Hell, where he shall abide for ever! Allah deprives riba of all blessing and develops charity, and Allah does not like an ungrateful, sinful person.
Allah says further in the Holy Quran Chapter 2 Surah Baqarah verse 278:
O Believers!, fear Allah and give up that riba which is still due to you, if you are true believers. But if you do not do so, then you are warned of the declaration of war against you by Allah and His Messenger!
Allah says in the Holy Quran Chapter 4 Surah Nisa verse 161:
That they took riba, although they were forbidden. And that they devoured mens substance wrongfully. We have prepared for those among them who reject faith a grievous punishment (of Hell Fire)!
Allah Says in the Holy Quran Chapter 3 Surah Ale-Imraan verses 130-132:
130 O ye who believe! Devour not riba doubled and multiplied; but fear Allah; that ye may (really) prosper.
131 Fear the Fire which is prepared for those who reject faith.
132 And obey Allah and the Messenger; that ye may obtain mercy.
Al-Tirmidhi Hadith 2829 Narrated by Ali ibn AbuTalib
Ali said he heard Allah's Messenger (saws) invoke the curse of Allah on those who took usury, those who paid it, those who recorded it, and those who refused to give sadaqah.
Thus beloved brother in Islam, if you have placed your funds as investments in a Shariah compliant interest-free portfolio at the bank, the returns on your investments will be deemed lawful in the Sight of Shariah and of Allah Subhanah; but if your investments are placed in an interest-based portfolio, the returns would obviously be unlawful and haraam.
Whatever written of Truth and benefit is only due to Allahs Assistance and Guidance, and whatever of error is of me alone. Allah Alone Knows Best and He is the Only Source of Strength.
Your brother and well wisher in Islam,