Darul Iftaa Mahmudiyyah

Could you please refer my contract and advise about shariah ruling on this loan

· 13 Rabiʻ I 1437 AH1 min readFatwa 34730English

Question

I am living in Dubai, and took some loan from Sharjah Islamic Bank, 3 years ago with 3.79% profit rate per year after cosulting some aalim.
After reading islamic banking questions and answers i am worried.
Could you please refer my contract and advise about shariah ruling on this loan.

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh

Kindly submit the following information in order for us to issue a ruling accordingly.

1. Terms and conditions of contract

2. Shariah Concept and structure used

3. Shariah flow of funds

4. Do you have a fixed or variable rate on your financing?

And Allah Ta’āla Knows Best

Ismail Desai,

Darul Iftaa

Checked and Approved,

Mufti Ebrahim Desai.

Answered by
Ismail Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/34730
Fatawa SA: https://fatawa.co.za/fatwa/askimam-34730

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