National Bonds (UAE)


I wanted to ask regarding the National Bonds scheme in the United Arab Emirates (a Mudaraba based saving scheme) and whether it is something halal that one can invest (or continue to invest) in? They state they are shariah-compliant and have their own shariah advisory committee/board (link:

My question though is specifically around the way they advertise the scheme, whereby they hold monthly draws giving you a chance to win AED 1 million, and their agents often try to get people to invest more money saying this will increase their chances of winning in the monthly draw. They also (every now and then) give you small rewards of their own accord (sometimes it’s AED 50, sometimes AED 100, sometimes more, etc).

I’ve spoken to scholars here in the UAE, who said that the business the National Bonds scheme is involved in is halal in and of itself (I understand that it is predominantly in the property rental space), and that any profits earned from investing in this scheme are also halal.

However, one contentious issue that some scholars I have spoken to regarding this is the advertising of the scheme. I have been told that if one invested in this scheme because they hoped to win the AED 1 million monthly draw, then this becomes problematic, and that one is not allowed to invest in it anymore (it is like gambling in their opinion).

I have noted, however, that some Islamic banks also have similar schemes, where they advertise saving money in accounts whereby the more you save in that specific account, the more you increase your chances of winning grand prizes (with large sums of money being given as a prize).

Is this practice (by some Islamic banks and the National Bonds scheme) permissible in the light of the Shariah? Is there a difference of opinion amongst scholars on this subject?

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Investing in the Emirati National Bonds Company - Islam Question & Answer (

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