Channel: Faith IQ
Shaykh Abu Eesa explains
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Is it permissible for me to take cash back rewards, whilst using my bank account my credit cards and my debit card?
Well, you know that I don't allow the use of credit cards, I follow the position of the majority of scholars, I think it should be avoided both conceptually ideologically. And actually, from the Sharia point of view, I don't believe it's acceptable to accept the condition of having to pay interest, even if you've taken all of the precautions not to pay it. But what about certain banks, they say, hey, bank with us join us and as long as you put 1000 pounds into our account, or here's a debit card, and as long as you make a spend of 1000 pounds, then we'll give you 1% back 10% back, we'll give you five pounds, etc, etc. I was ruling on that, that 5% that comes back that 50 pounds
that comes into your account and so on, is it an interest payment, and some of the scholars a small minority said that it is an interest payment, it's very interesting how they came to that as well. They basically said that every interaction between you and the bank is a loan. So when you put money in, you are giving them money as a loan, you're loaning it to them, and then you get it back, okay, when you go and withdraw. And they said that the credit debit card is just an extension of that it is a loan process which is going on. Therefore, if there is a loan and as we said, if there's any increase before any increase on the repayment of a loan, any benefit on the repayment of a loan to
either party is actually the pure definition of interest of Riba. And so, therefore, they said that any of these songs than it basically is a rubber payment and therefore impermissible, however, the correct position is actually this increase or this payment, whatever is not a rubber contractual increase, but rather a gift which is being given on behalf of the company in recognition of the increased business and profit that they will make due to your business. Because once you've given your money to them as a bank, and that's a far more questionable issue, should we be putting our money into banks willy nilly, should we not be focusing on which banks and Islamic banks as much as
possible, because when they take out deposits from us the money that we check in, then they use that and investing in all kinds of dodgy stuff, and they take all the profit basically, of our backs. So that's a much more deeper ethical problem. But when we do give them that money, it's a permissible act, and then giving us a gift for the increased business, especially when we are going and spending our card more close. If you're spending your card in more places and spending more money, then that means you're going to different vendors. And those vendors again, are having to pay each time that they accept the card because of the privilege of doing so that means Visa or MasterCard or the bank,
they're making money each time that you keep spending. So it's quite right that they share something that of that back to you. And that's offered to you as a gift. So I hold it permissible for you to use cashback rewards and accept them and sign up to an account or a card based upon the Hey, thank you for watching and subscribe so you can continue to get the rest of the videos I don't know when someone will be here, there, whatever whatnot. It's beautiful. This this series of videos face IQ, and we need your support. And that's by watching it by sharing it and then by donating towards us we can continue to make more videos that deal with more of your issues. Does that Kamala Harris