Respected Mufti sahib such as loan from bank is unlawful and about its various fatwa has been issued. But I want to know that if I take loan from private banker (sahukar) in which banker demanded an extra amount on actual loan amount. Suppose I take loan from private banker is 10000/- and he demanded 2000/- extra with actual amount (he assumed interest and I assumed that it is his income) and same installment 1000 paid in every month for one year. And if I missed or did not paid any month installment or duration of payment increase by me e.g. 15 months place of 12 months then also not any extra charges demanded from the banker. Is it lawful, because extra amount is fixed and predefine and not variable. Please tell me shortly.
Answer
(Fatwa: 39/33/N=1433)
It is interest as per the Shariah whatever extra amount the lender takes from the debtor whether it is fixed or not. It is not right to call the fixed amount as income. In the light of this rule whatever fixed extra amount the private bank takes it is also interest. Hence it is unlawful and haram to take loan from the private bank like the government bank.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband