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Fatwa CenterMashriq Millionaire
Question
What is the Islamic rule about the "Mashriq Millionaire Certificate" which is now a days a big subject among the people?(As I spoke to friend that it is lumpsum interest, he was justifying it as the profit of the business done by the bank, and was saying even the Islamic banks are doing things similar to that.)
Answer
All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad 
is His slave and Messenger.
As for "Mashriq Millionaire Certificates", we cannot give a Fatwa in this concern unless we know the nature and reality of this transaction. Generally, it is completely forbidden to deal with usury-taking-banks since this constitutes a form of co-operation in sin and aggression.
Allah Says (what means): {…, but do not help one another in sin and transgression…} [Quran 5: 2]
Anyway, it is stated in the Arabic section of our site that "Mashriq Bank" renders a service called "Mashriq Millionaire", which is a form of monthly drawings (in a lottery), and one of the participants may win tenfolds of what he had deposited in the bank. We restate that such a transaction is forbidden for the following reasons:
1) Dealing with usury-taking-banks is forbidden.
2) It is a form of Riba since each and every loan that produces some benefit is forbidden.
3) It is a form of gambling since a participant may lose or win.
As a result, it is forbidden to deal in such business activities and if you have something else about this transaction (its way and nature), please tell us.
As for Islamic banks that follow the Sharee’ah, they do not deal in Riba. These banks are substitutes for usury-taking-banks. These banks are governed by the Sharee’ah committee that supervises and censors all dealings and activities, so these banks are far from any violation to the Sharee’ah rulings.
Allah Knows best.
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