Can I Keep a Gift From an Interest-Based Bank?
Hanafi Fiqh
Answered by Mawlana Ilyas Patel
Question
A UK bank gifted me £50 after acquiring another bank. I only hold a non-interest current account with them. Is it permissible to keep and use this money, given that the bank is involved in interest-based transactions?
Answer
In the Name of Allah, the Most Merciful and Compassionate.
I pray you are in good faith and health. Thank you for your question.
Respected Muftis say that taking advantage of switching bonuses or new bank account incentives is permissible as long as no unlawful conditions are attached and they are presented as a gift (tabarru).
The rationale is that the bank has offered a gift voluntarily. Thus, it is allowed to accept it and will not be considered an interest.
Please go through the valuable answers and links below. Insha’Allah, they will provide you with guidance and direction.
Related: New Bank Switch Over Incentives and Gifts
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I pray this helps with your question.
Wassalam,
[Mawlana] Ilyas Patel
Checked and Approved by Shaykh Faraz Rabbani
Mawlana Ilyas Patel has received a traditional education in various countries. He started his schooling in the UK and completed his hifz of the Quran in India. After that, he joined an Islamic seminary in the UK, where he studied secular and Aalimiyya sciences. Later, he traveled to Karachi, Pakistan, and other Middle Eastern countries to further his education. Mawlana has served as an Imam in the Republic of Ireland for several years and taught the Quran and other Islamic sciences to both children and adults. He also worked as a teacher and librarian at a local Islamic seminary in the UK for 12 years. Presently, he lives in the UK with his wife and is interested in books and gardening.
