I will appreciate your time to answer this question. I am wondering if money won through these bonds is halal and allowed. JazakAllahkhayr .
Conventional prize bonds contain interest and interest is Haram in Islam.
All the conventional forms of prize bonds are Haram due to the element of interest. The Islamic alternative suggested by contemporary scholars is Sukuk. Sukuk is similar to bonds in outcome but the structure of Sukuk is in compliance with rules of Islamic laws.
And Allah knows best.
Mufti Ikram ul Haq
Fatwa Center of America