Question

Salaam

I bank with nationwide and they have gave their members £100 due to increase in their profits which I have received. Am I able to benefit from these funds or what should I do with the payment if not.

Answer

When a person deposits money into a bank account they are essentially advancing a loan to the bank. In Islam it is not permissible to receive any benefit from the debtor (the bank in this case) if that benefit is made conditional in the loan contract or is customary practice. Hence, in your case if the bank pays interest or provides some other form of gift it would not be permissible to benefit from those sums. They must be donated to the poor without intending reward.

الدر المختار وحاشية ابن عابدين (رد المحتار) (5/ 166)
وفي الأشباه كل قرض جر نفعا حرام

Answered by:
Ifta Research Fellow

Checked & Approved by:
Mufti Abdul Rahman Mangera
Mufti Zubair Patel