Interest bearing loans

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: I am a divorcee and I want to buy a house with a riba-based loan. I know it’s haraam but there is no other option as I live in a non-Islamic country. My parents are dead and I have nowhere to live. Please advise.

Bismillaah

A: Taking an interest bearing loan is haraam in Shari’ah. Grave warnings have been sounded in the Mubaarak Ahaadith for the one who gets involved in riba (interest). Jaabir (radhiyallahu anhu) reported that Rasulullah (sallallahu alaihi wa sallam) cursed the one who consumes interest, pays interest, the scribe for the interest bearing transaction and the witness to such a transaction.” Hence you should refrain from taking an interest bearing loan from the bank. We suggest that if you do not have sufficient money to purchase a house, then you should rent a place.

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

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

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