Taking an interest bearing loan

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: Sending this on behalf of someone: If I buy a property and the bank finances it and I pay a set amount plus interest every month to the bank, is it halaal or haraam?

Bismillaah

A: Taking an interest bearing loan from the bank is haraam. 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.”

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

 

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

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