Q:
Some commercial banks in the Gulf Region offer prizes like cars or houses for those who open savings accounts
in the bank. They draw lots and one of the bank clients wins the prize. What is the ruling on this prize whether it is financial or any other kind?
A:
If the reality is as you have mentioned, these prizes are not permissible, as they are nothing but usurious interest given in return for saving money in banks dealing in Riba (usury). Changing the name does not change the reality. May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
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Some commercial bank...
