There are some banks out there which offer new customers money if they set up an account with said bank, they may also offer monetary rewards for any new customers who join the bank using your referral code, is this money permissible?
An example of this is “Monese” which is a new company similar to “Revolut” and “Monzo” and are aimed at people who travel and use their cards abroad. They offer these aforementioned monetary rewards to new customers, but the new customer must top up their account first (min of £10), then order their bank card (costs £5 but this is apparently for delivery) and then use that card once - when they get it - in order to receive the monetary reward. Each person you successfully recommend also needs to complete the steps above in order for you both to receive your £10 reward.
Long winded, but an answer would be much appreciated.
Theoretically, I could use the card for a £1 purchase then transfer the remaining balance in the account to another account I have and I’d still receive the referral reward.
I could then limitlessly refer others and receive referral rewards without ever using the bank again (i.e. leave the account empty and transfer any reward amounts to other bank accounts that I use more regularly)
Does that change anything re the ruling for either @Mufti_Billal or @Mufti_Faraz_Adam
For the person making the referrals, the reward received in exchange is permissible. So based on the scenario you have mentioned above, you can receive the reward everytime you are assisting someone in opening up an account.
However, there is another scenario: sometimes the one who is being referred can also share into the reward scheme upon opening up the bank account. My opinion is that for her the reward is not permissible. This is because the reward received here was connected to the opening of the bank. As I have mentioned above, any reward received in exchange of opening an account is not permissible.
And Allah knows best!
I don’t currently have a view on this and will need to think further.