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Bank Loan for Business

Answered as per Hanafi Fiqh by CouncilofUlama.co.za

Q: I like to know whether taking a bank loan to open a business is allowed or not. If not, how else one can start a business in this country Australia?

A:Taking a loan on interest is only allowed under extreme circumstances. Starting a business does not fall under this category. Thus it would not be permissible to take an interest bearing loan to start a business.

Council of Ulama Eastern Cape

This answer was collected from CouncilofUlama.co.za, which is operated under the supervision of Council of Ulama Eastern Cape, South Africa.

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