IslamQA

Interest bearing loans

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: Is personal loans from Al Ahli bank (NCB) Saudi Arabia Halal? The bank claims it’s Islamic.

Bismillaah

A: If the bank provides interest bearing loans, then it is haraam for one to take a loan from them.

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

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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