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265 Please can you tell me if purchasing premium bonds is impermissible? Because gambling means forfeiting one thing for another, but in premium bonds we are not gambling anything because we can cash them in for whatever amount we bought them for whenever we want. Please clarify.
You should check how the premium bond gives you the return on investment from where you buy it. Generally, premium bond is a bond issued by the government that government promises to buy at the original price.

However, in this particular type of bond, government puts all the interest in a prize fund, from which a lottery distributes prize money to those who have purchased the bonds.

As a result, it is also termed as prize bond. If this is the type of premium bond that you are planning to buy, then, in my opinion, it clearly violates Islamic injunctions relating to earning the money through interest, and therefore, it would be considered impermissible. In other words, if you won prize money, then all that money is a share of the interest earned on your bond as well as that who have bought bonds from the same source but given to the person whose name came out in the lottery.

The Holy Quran says regarding those who earned interest:

Those who devour riba (Usury / interest) shall not have any standing except like those who are driven to madness by satan (devil) by a touch. That is because they say that the trade is also like usury. But Allah has made trade lawful and made interest as forbidden. So those, who after receiving direction from their Rubb (Sustainer) refrain, shall be pardoned whatever they received in the past ( as interest). Their case is with Allah ( to judge). And hence who ever shall repeat such offence will be the subject of fire to reside therein forever. ( Kanzul Iman, Al-Baqarah 2:275, Page 72)

O Believers fear Allah and leave what remains of usury if you are faithfuls (Muslims) ( Kanzul Iman , Al-Baqarah 2:278 , Page 72)

The above verses relating to earning interest clearly condemn harsh punishment, therefore it is strongly advised to refrain from investing money where the return is not a profit but interest. Allah Azawajal Knows best.
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