Is bank loan permisible in India for business purpose? if yes what are the criteria and if no why?
Answer:
(Fatwa: 683/679=N)
It is not allowed; because this involves giving interest, and both giving and taking interest is haram:
قال تعالی: و احل اللہ البیع و حرم الربوا (الآیۃ)
و لعن رسول اللہ صلی اللہ علیہ وسلم: اٰکل الربوا و مؤکلہ و کاتبہ و شاھدیہ و قال ھم سواء (مسلم و ترمذی)
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband