Reward account payment: Halal or Haram?

The halifax reward current account rewards you £5 for being with them. Is this the same as interest but worded differently, and is it halal or haram?


بسم الله والحمد لله والصلاة والسلام على رسول الله

When money is deposited in a bank account, it is effectively a loan.

There is a general principle:

“Every loan which derives a benefit is riba (interest).” [1]

therefore a gift or reward from a bank which is stipulated, expected, agreed or customary is not permissible.

And Allah knows best

[1] كل قَرضٍ جرّ منفعة فهو ربا (Harith, Bayhaqi - slight variation in wording). The Hadith is weak. However, it is supported by other narrations and many sayings of the Companions, its meaning is correct, it is a fiqhi (juristic) principle, there is scholarly consensus and it is the practice of the scholars through the ages. For more information, see The Text of the Historic Judgment on Interest, Mufti Taqi Uthmani, 99-106:

Q&A Category: 

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Enter the characters shown in the image.
Zircon - This is a contributing Drupal Theme
Design by WeebPal.