Home, Car, Education loan, etc.

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: If we keep our money in savings account or fixed deposit account in a general bank then is it lawful to use the interest money the bank is giving on the money? Moreover what does shariah say about taking home loan or car loan or education loan?

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A: Ribaa (interest) and any involvement in interest has been severely condemned in the Mubaarak Ahadith. Hence, it is impermissible to use the interest money acquired from the bank. Similarly taking a home loan or car loan or an education loan from the bank on interest is impermissible.

Nabi (Sallallahu Alaihi Wasallam) said: 

عن جابر رضي الله عنه قال لعن رسول الله صلى الله عليه وسلم آكل الربا وموكله وكاتبه وشاهديه وقال هم سواء رواه مسلم ( مشكوٰة المصابيح ص244)

Hadhrat Jaabir (Radiallahu Anhu) reports that Rasulullah (Sallallahu Alaihi Wasallam) cursed the one who consumes ribaa (interest), or feeds it to others, the one who records it (i.e. the transaction) and those who are witness to it (i.e. the transaction). And he said: “All of them are equal (in sin)”.

عن أبي هريرة عن رسول الله صلى الله عليه وسلم قال ليأتين على الناس زمان لا يبقى أحد إلا أكل الربا فإن لم يأكله أصابه من بخاره ويروى من غباره رواه أحمد وأبو داود والنسائي وابن ماجه ( مشكوٰة المصابيح ص245)

Hadhrat Abu Hurairah (Radiallahu Anhu) mentions that Rasulullah (Sallallahu Alaihi Wasallam) said: “A time will definitely dawn upon the ummah when everyone will consume interest. If someone does not consume it (interest), the evil effects will definitely affect him.”

وعن عبد الله بن حنظلة غسيل الملائكة قال قال رسول الله صلى الله عليه وسلم درهم ربا يأكله الرجل وهو يعلم أشد من ستة وثلاثين زنية رواه أحمد والدراقطني وروى البيهقي في شعب الإيمان عن ابن عباس وزاد وقال من نبت لحمه من السحت فالنار أولى به ( مشكوٰة المصابيح ص245)

Hadhrat Abdullah ibnu Hanzalah (Radiallahu Anhu) narrates that Rasulullah (Sallallahu Alaihi Wasallam) said: “If a person knowingly deals in one dirham of interest, it is worse than committing adultery thirty six times”.

الَّذِينَ يَأْكُلُونَ الرِّبَا لَا يَقُومُونَ إِلَّا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ذَٰلِكَ بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا وَأَحَلَّ اللَّـهُ الْبَيْعَ وَحَرَّمَ الرِّبَا فَمَن جَاءَهُ مَوْعِظَةٌ مِّن رَّبِّهِ فَانتَهَىٰ فَلَهُ مَا سَلَفَ وَأَمْرُهُ إِلَى اللَّـهِ وَمَنْ عَادَ فَأُولَـٰئِكَ أَصْحَابُ النَّارِ هُمْ فِيهَا خَالِدُونَ ﴿البقرة: ٢٧٥﴾

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

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