Answer
(Fatwa: 1108/926=L/1429)
It is not allowed to take loan form the bank. The Holy Quran says:
احل الله البيع و حرم الربى
All?h has permitted trading and forbidden Rib? (usury).
The Holy Quran says at another place:
يمحق الله الربوا ويربي الصدقات
Allah destroys riba and nourishes charities
Also, those who take and give interest have been cursed in the Holy Quran. It is mentioned in the Holy Quran:
فان لم فأذنو بحرب من الله و رسوله
If you do not do it, then take a notice of war from All?h and his Messenger.
While it is Hadith: those taking interest, giving it, writing it and witnessing to it, all are cursed. (Mishkat 244)
Therefore, if, by the grace of Allah Almighty, you have the necessary living along with house etc, then you should avoid taking loan in order to boost the wealth. It is not bad to boost trading and make the economic status better, but bad is to adopt ways causing disapproval of Allah and His messenger. However, if you have some thoughts; you should think of the economic condition of the Sahaba. The objective of life is not to earn the money, but it is to seek pleasure of Allah Almighty, and it is Allah who sustains livelihood to the creatures.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband