Is Prize Bond financially halal?

I know that the title of this article is odd. But, I will explain it later in this article. We as a human always want to become rich in no time. Wise people say that there is no path to become rich in days. It takes years of hardwork to succeed in your life. But, you can become a rich person in only one way and that is a prize bond. Yes, it is the only one way of becoming rich although, there is a luck factor.

If you are a Muslim, you will come to know about fatwas to determine whether it is halal or haram. I have researched in finding whether it is haram or not. I am going to share it with you. There are two main sects in Muslims. Sunni Muslims and Shia Muslims. In view of Ahle Tasheeh, selling and buying of prize bond is halal and profit or prize on a specific bond is also halal. Here is the link of a video of a Shia scholar about a prize bond.

In Sunni Muslims, there are further three main sects, Brailvi, Deobandi and Ahle Hadees.

If I talk about the Brailvi point of view, their scholars' fatwa is same as that of Shia scholars. Watch it by clicking at this link.

The next point of view is of Deobandi scholars. According to them, selling and buying of prize bond is halal. They say that its nature is same as that of a currency note. You can buy things through this prize bond. This bond does not lose its value. That’s why, you can buy or sell prize bonds. But, if you win, the profit or so-called prize on this bond is haram. Because, you have given the government a loan and any loan which catches some profit is called sood. You can see it here.

According to the majority of Ahle Hadees scholars, as the profit of the Prize bond involves sood, its buying and selling is also haram. They say in the detail of it that the thing which promotes sood should also be haram.

Conclusion:

All the scholars have a great knowledge and they do complete research on these type of issues. I respect all the scholars on their researches and work. I will say here that if you have a doubt on an issue after listening all the scholars, you should avoid from that thing. So, in this case you should also avoid buying prize bonds.

Why financially not good?

Now, I will talk about the naming of the title. By title, I mean whether a prize bond is good for saving your money or not. As we know, If we do not win the prize, we get the same amount which we invested. The inflation rate of Pakistan is almost 7 to 8 %. It means your money loses its value by 7 to 8% every year. Just understand this thing by an example. You buy a car at Rs. 15,00,000/- in 2015. Now, Its price in 2020 can be upto 20,00,000 or above. This is showing that value of your money was greater in 2015 than in 2020. It is just the same as your money is kept in any bank account.

So, if you want your money to face the inflation, invest it in halal way which can give you a significant profit. Invest in someone’s business on which you can have control. Invest in share market. Invest in Almeezan Investment. Keep your money in Meezan Savings Account which give you halal profit. I have summed up my discussion. Allah Hafiz.