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Sood
I have a small running business. All my amount was invested in this business. There was a time when i was having no cash with me. So to meet my personal needs i took a loan from my cousin. And I promised him to give him a profit according to my business profit ratio. All his amount i used for my personal purposes.
My cousin intentions were to invest in my business. Now i am giving him profit as per my business profit ratio.
Please advise is there a interest (sood) factor towards both of us.
I hope you understand my concerns..
Thanks, Allah Bless you all
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2 Replies
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Sood
updated 3 years, 8 months ago
3 Members
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2
Replies
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Riba is defined as demand for an excess amount on a loan, and it’s only applicable on consumable items (money, grain, etc.) In principle, investment and profit sharing do not constitute riba. If your loan contract was based on investment/profit sharing then there’s no question of riba.
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Ghamidi Sahib has explained sood in his videos very clearly. If you can see them it will all be very clear to you. However, Faisal Bhai has also explained it very well to you.
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