Question
I opened a non-interest cheque account with a bank here in the States. They offered $100 promotion for signing up for a new account. Now almost a year later they send me a statement stating that the $100 was an interest income. Is it permissible for me to keep the money which I had received from them a year ago?
Answer
The initial $100 the bank gave you was a gift/promotion offer. However, if the $100 were given after you had deposited some money, then it is riba (interest) regardless of the description or whatever name is given to it. If the $100 were given before you had deposited money, then it will be a gift. If it was given after you had deposited money, then it is not permissible for you to use it for yourself. Give it to some poor Muslim or pay any government account, e.g. tax, with it.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 20 No 07
- PDF page
- 5
Appears under Questions and Answers (approximate).