Taking a loan from the bank

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I need a loan from the bank, but they are charging interest. Can I take that loan or I will find another bank that gives me an Islamic loan.

Bismillaah

A: Taking a loan from the bank on interest is haraam in Islam. Grave warnings have been sounded in the Qur’an and Ahadith for the one who gets involved in interest. Hence you should refrain from taking an interest bearing loan from the bank.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

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