I would like to give a smal background first and then follow it with the question
My late father had left behind life insurance policies which had been distributed in his estate along with letters to all beneficiaries stating what the capital and interest portions were as the beneficiaries felt they themselves wanted to decide how they would want to spend it.
Of my share i have made a decision to keep only the capital portion and give away the interest portion but i now require a loan and would not like to approach the banks so my question is that if the other two beneficiaries decided to keep their monies would it be permissable for me to take a loan from them and pay them back in three years time
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatoh
The surplus money besides the capital contribution towards the insurance policy is haram and should be disposed off to the poor and needy. It is not permissible for the beneficiaries to keep the surplus money if they are not poor and needy. If the beneficiaries offer you a loan, it will be regarded from their legitimate wealth.
And Allah Ta’ala Knows Best
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah Source