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Interest
Hi,
I am living in Sweden, i want to buy a used car and i want to apply for loan through Bank. Bank will give me money on Interest rate of 5%.
I want to know Is it permissible to borrow from bank on Interest ?
One more thing, this interest amount will be returned to me from my tax deduction by Swedish Govt. pleas specially answer my question, i already listened all the YouTube lectures of Ghamidi SB.
JazakAllah
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3 Replies
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Interest
updated 4 years, 1 month ago
2 Members
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3
Replies
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If it is car loan, it might be a trade transaction, that is, the bank buy the car and sell you with a profit, which it takes in instalments.
It it is personal loan, even then, there is no blame on you, as Shariah does not makes the one who has to pay interest accountable.
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Bank will give money to me and I will buy the car on my own.
Now what would be ruling on this??
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If this loan is care specific, it is like investing with you and taking profit from. If car is in the name of the bank, it is the rent, the bank takes from you along with the actual amount it gives you.
If it is pure personal loan, and bank has no concern where you use that money, then it is personal loan, whose ruling I mentioned in the first response.
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