What is the ruling on participating in the United Arab Emirates National Sukuk Program, which includes sukuk and draws?
National Bonds are forbidden because they are a form of lottery. The buyer pays at least 100 dirhams and gets it back after a month, while also entering a draw for prizes reaching up to one million dirhams. This involves both Riba (usury) and Maysir (gambling). The fatwa issued by the company's Sharia board differs from its advertised operations. The fatwa states that the contract is a Mudarabah (profit-sharing) agreement, while the website does not mention any details about Mudarabah and focuses instead on the prizes. Determining the prizes beforehand contradicts them being from investment profits, which cannot be predetermined. The company announces the draw before announcing the profits. Furthermore, the subscriber's right to reclaim the amount makes the price a loan that brings a benefit, which is Riba.
Summarized from the full answer at Ftawy · reviewed Sep 2, 2026
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