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Prize Bonds And Insurance
What is the ruling of gambling on the following; pls explain with rationale. Tks
Prize bonds
Insurance (General/Life)
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8 Replies
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Prize Bonds And Insurance
updated 1 year, 3 months ago
2 Members
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8
Replies
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For the issue of prize bond’s please see:
For the issue of insurance please see:
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Have already watched the above stuff. Still confused to know that how gambling is impacted in prize bonds but not in case of insurance.
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Insurance is not impacted by the impermissibility of gambling because there is no gambling involved in it. Insurance is a service that stipulates certain rights and responsibilities of each party involved in the transaction. Gambling, on the other hand, is a game of pure chance in which a person aims to devour another person’s wealth which he is not morally entitled to.
For a better understanding of gambling please see:
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What about prize bond? Does it contain the element of Gambling, if yes, then how?
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“Gambling, on the other hand, is a game of pure chance in which a person aims to devour another person’s wealth which he is not morally entitled to.”
How does the above criteria be adjusted in the Prize Bonds money?
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Prize bonds have the aspect of gambling because one may benefit from money purely by chance that they have no moral right to. There is no need for any adjustments. The money that one gains from prize bonds is also closer to riba, because such bonds are essentially loan transactions.
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But the principal (Bond Face Value) is protected means there is no loss of other parties unlike in Gambling in which second party faces the loss.
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That is correct, but one still does not have any moral right to the money that they make above the face value in case of winning the prize bond. Also since it has an element of riba in it therefore a devout Muslim should refrain from it.
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