Q: There is a bank here which is offering me personal loan. I was not interested in taking that because it is haram as they will get more money in return of the money they gave me. However the bank showed me a stamp of their personal loan option from the sharia council. So can I rely on that stamp fully and avail this option. I do not know about the minor details like will they charge more if my instalment is delayed or etc but it has been approved by the sharia council so is it allowed in islam?
A: If it is an interest bearing loan that the bank is offering you, then it is haraam.
And Allah Ta’ala (الله تعالى) knows best.
Answered by:
Mufti Zakaria Makada
Checked & Approved:
Mufti Ebrahim Salejee (Isipingo Beach)