I am living in 3% muslim populated area in Rajasthan. Any Islamic Bank/islamic Financial institution is not available in whole area. I want to start a business with 75% Loan money by Bank.I have no other ulternate except to take interest based loan from Bank.The whole economy is interest based. I also consulted Ulema of Other countries on internet,they replied me to take advise of Indian Ulema. What is the Sharia rulings on such Loan and business? If it is completely forbidden, what is the ulternate?
According to Islam, as taking interest is haram, giving interest is also haram. Those who give or take interest are accursed in Hadith. Since in taking loan from a bank you will be bound to pay interest; therefore it will not be allowed except in exigent situations. First of all, you have to realize how much the business, for which you want to take loan, is necessary for you. Is it difficult for you to adopt a profession or work that does not require any loan? If there is no way out except the business, then you should try to find a non-interest loan. If it is also not possible then you are allowed to take loan only as much as you need for your living: کما فی الاشباہ: و یجوز للمحتاج الاستقراض بالربح الخ
Allah (Subhana Wa Ta’ala) knows Best
Darul Uloom Deoband