What are Prize Bonds?

Prize bonds are essentially any paper or any other tangible thing that has a fixed amount of value, in terms of money. One can use the bond and later can claim the prize, of course depending on luck.
For example, you get a voucher of Rs 1500. Later you decide to claim the prize in the form of lottery. If your luck clicks, you can get the first prize or even you can get nothing.

What Islam Says on Prize Bonds?

Islam lays due stress on struggles. Hence, in Islam, any earning earned via no amount of struggles can be Haram. Similarly, as in prize bonds, when the amount or the sum of money one has given for the initial investment, does not change and remains stagnant, after which you can claim cash instead of the bond, is considered Haram or unlawful in Islam. It is considered Haram as the original investment does not alter, and the prize money or the due gift, as per the conditions, are determined by luck per chance. Islam has no place for any livelihood or earning that is determined by luck. As a righteous Muslim, any person is expected to earn via struggle. Even the purchasers of these bonds are considered wrong, as one purchase them with the intention of gaining something, and Islam stresses on the intentions of a person apart from the actions. Deeds and intentions both are important in Islam.
In any case as long as you earn via Halal, you are safe, you are neither committing Riba, unlawful usury nor it is haram. Prize bonds do not fall on that struggling category. Hence, it is strictly Haram in Islam.

Last edited by alisiddiqui (2015-02-23 11:34:40)