Answered according to Hanafi Fiqh by
Is it halal for me to use the interest money to pay the interest of my bank loans which I am getting from bank against fixed deposit?

بسم الله الرحمن الرحيم

(Fatwa: 544/L-178/TL=05/1435)

It is allowed to pay the interest money with interest provided both are government banks or private but the owners are same. It is not lawful to pay interest money in exchange to basic loan. It should be noted that it is haram to take interest based loan without a severe need which is not allowed as per the Shariah.

Note: Fixed deposit is also haram.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

Find more answers indexed from:
Read more answers with similar topics:
Subscribe to IslamQA Weekly Newsletter

Subscribe to IslamQA Weekly Newsletter

You will receive 5 Q&A in your inbox every week

We have sent a confirmation to you. Please check the and confirm your subscription. Thank you!