Mufti Online — Madrasah Ta'leemuddeen

Taking a loan from the bank

· 26 Dhuʻl-Qiʻdah 1436 AH1 min readEnglish

Question

I need a loan from the bank, but they are charging interest. Can I take that loan or I will find another bank that gives me an Islamic loan.

Answer

Taking a loan from the bank on interest is haraam in Islam. Grave warnings have been sounded in the Qur'an and Ahadith for the one who gets involved in interest. Hence you should refrain from taking an interest bearing loan from the bank.

And Allah Ta'ala (الله تعالى) knows best.

Answered by
Mufti Zakaria Makada
Checked & approved by
Mufti Ebrahim Salejee (Isipingo Beach)
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Source: Mufti Online — Madrasah Ta'leemuddeen — https://muftionline.co.za/node/11884
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