Question 2: I recently opened a student checking account with an American Bank for a debit card. After completing 10 qualifying transactions (worth $100), they offer a one-time $100 promotional bonus/gift for opening an account with them. Is it halal to use the money acquired from this?
Answer:
In the name of Allah, all praise is due to Allah, and may Peace and Blessings be upon the Messenger of Allah (ﷺ).
This is not permissible, because by accepting such an offer, you are participating in a promotion that encourages others to open an account with a specific bank. As is well known, most banks in non-Muslim countries operate based on riba (interest).
“…and do not help one another in sin and transgression. Fear Allah. Surely Allah is severe in retribution.”
[Surah Al-Ma’idah 5:2]
Engaging in such promotional offers can be seen as a form of indirect advertisement for the bank. Since conventional banks are founded upon interest-based systems - which are clearly prohibited in Islam - it is not permissible to promote or encourage interactions with such institutions.
← Back to Questions