Home » Hanafi Fiqh » Darulifta-Deoband.com » Is a bank loan permissible in India for a business purpose?

Is a bank loan permissible in India for a business purpose?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
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

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

Read answers with similar topics: