Home » Hanafi Fiqh » Muftionline.co.za » The Dilemma of Interest in Banking: Necessity or Sin?

The Dilemma of Interest in Banking: Necessity or Sin?

Answered as per Hanafi Fiqh by Muftionline.co.za

Q: Interest is considered to be a strong haraam and a grave sin, but isn’t interest needed as a fundamental basis for starting a bank and being able to
hand out loans?

bismillah.jpg

A: This is on the basis of disbelief and as a result of the corrupt capitalistic mindset.

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

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

Read answers with similar topics: