I am businessman, my business consist of rental incomes,exports,imports and local trading.And as per the indian state and central law various taxation if I go to pay the taxes then it will be very difficult to maintain my livelyhood,and as business is concerned I have fine tune with financial institution.If I am taking the loan than I get the benefits in taxation with the propotion of intrest and depriciation ratio.So can I proceed with loan,If yes, can I use the money of loan transfered in my account for my business purpose. 2. If I am taking loan with the best intrest rate and utilise the funds in earning and can make the profits in multiple after paying the installment the balance earned ammount and 30% of that If I distribute in the needy people can it be possible.Which category of people are suitable for this ammount. 3. Can I take my share in the profit earned as my skills and securities utilised for earning and at what extent can I take 70%. 4. What to do with the capital amount of loan sanctioned by bank after the loan is completed who can claim the needy people or me.
Answer:
(Fatwa: 1713/333=TH)
It is haram to take and give interest based loan. As you know if this is the case with your business that you will be saved by taxation by taking loan, then the ruling is that you can take loan in an exigent situation. This loan can be invested for commercial purposes.
(2) In this case, like first case, you will get the profit and as much you will spend for poor and needy you will get reward.
(3) You will have right to receive the entire amount of profit, as mentioned in case No 2.
(4) It will be paid back to the bank, you have to repay to the bank. If you like to ask any thing else then write it clearly.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband