salam…i would like to know about personal loan from islamic bank or any other bank which i will invest in land and i will build a building on that land…after that i will sell the flats…whatever i will get, i will pay interest from that profit…is it permissible? i am asking this question second time…please answer ..JAZAKALLAH
Answer:
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Our understanding of the query in reference is as follows “One intends to take out a personal loan from a bank for investment purposes. The bank will charge interest on the loaned money. Is such an arrangement permissible?”
Based on our understanding as espoused above, our answer hereunder follows:
In principle, it is not permissible for one to take out an interest bearing loan from a bank.
We suggest that you search for alternative Shari’ah compliant investment schemes and banking products.
And Allah Ta’āla Knows Best
Mawlana Ismail Desai,
Student Darul Iftaa
Durban, South Africa
Checked and Concurred by,
Mufti Faisal bin Abdul Hameed,
Montréal, Canada
DARUL IFTAA BUILDING PROJECT
Assalāmu `alaikum Warahmatullāhi Wabrakatuh,
We make Du’aa you are well. The Darul Iftaa was established in the year 2011. The fundamental objective of the Darul Iftaa is to train Ulama from various parts of the world to become Muftis. In this world of scientific calculations and technological advancements, economic confusion and political disarray, a Mufti is trained to understand and analyze current situations and provide leadership for the Ummah. There is a vacuum of competent Muftis in various parts of the world. The Ummah lacks leadership. There are currently twelve students who are studying at the Darul Iftaa. They are from United States of America, United Kingdom, Mozambique, Jamaica, Zambia, Canada and South Africa. There are many Ulama from many parts of the world who have applied to study the Iftaa course. They could not be accommodated due to lack of adequate facilities. The Darul Iftaa has therefore embarked on an expansion project.
The Darul Iftaa requests your generous contributions for the expansion project. The building project has already begun and is expected to be completed within the next three months. This is indeed a great opportunity for you to earn Sawab e Jariyah in the Aakhirah. This is a tree with many branches bearing sweet fruits for your Aakhirah. Insha’Allah. The Darul Iftaa banking details are as follows:
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Account#: 62347912778
Branch: 221126
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JazakAllah.
Mufti Ebrahim Desai
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