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Is it halal to participate in Pakistan’s “Kamyab Jawan Program”?

Answered as per Hanafi Fiqh by Jamia Binoria
The prime minister of Pakistan started a new program called the کامیاب جوان پروگرام Kamyab Jawan Program”. Is it permissible to take part in this program?

الجواب حامدا و مصلیا

The loan that is provided in the “Kamyab Jawan Program” is an interest based loan in which 6%, or in some cases, 8% interest is received from the loan. Interest based transactions are impermissible and Haram according to clear texts of the Holy Quran and Ahadith. Hence, instead of taking part in this scheme (in which an interest based loan is provided for the interest of the livelihood of young adults), one should take an interest free loan from someone else or any other institute, and try to better his livelihood or business through any other means.

This Q&A was indexed from the official english fatwa portal of Jamia Binoria. It is an Islamic educational institute in Karachi, Pakistan.

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