Question
ABSA Bank provides a Youth account. The minimum balance in the account at all times has to be R200. Prizes are given to these account holders. Is it permissible to open such an account and are the prizes halaal?
Answer
The ABSA Youth account may be opened for the sake of convenience. However, the benefits are in the category of riba and have to be given to the poor.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 24 No 02
- PDF page
- 3
Appears under MOLVI VANKER - THE PRO-SHIAH BID‘ATI| (approximate).