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

 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.

This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.

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