What is the Ruling on gifts given by the bank to the cardholder?
Gifts etc. given by the bank to the cardholder on an annual basis are a donation and kindness from the bank to the cardholder, in which there is no harm according to Sharia.
Banking
The ruling on Takaful, a Shariah alternative to conventional insurance?
Yes! Conventional insurance is Shariah-imposed and forbidden due to its being based on interest, gambling and gharar, which must be avoided. However, as an alternative to insurance, there is scope to obtain a Takaful policy from an institution that provides Takaful facilities in accordance with Islamic principles under the supervision of the Shariah Board.
Banking
Ruling on taking out insurance and performing Hajj and Umrah with the money obtained from it?
The current insurance policy is a combination of riba and gambling, which is unlawful and forbidden according to Sharia, and since the money obtained from it is forbidden, it is unlawful to perform Hajj with it or to invest it in other good deeds or one’s own needs, etc. Rather, it is obligatory and necessary to give this money in charity without the intention of reward. However, if someone has already performed Hajj with this money, although the obligation will be waived from his responsibility, he will not receive any reward because it is not accepted.
