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    Interest

    Posted by Nasir Shezad on January 5, 2022 at 4:33 am

    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

    Dr. Irfan Shahzad replied 3 years ago 2 Members · 3 Replies
  • 3 Replies

  • Interest

    Dr. Irfan Shahzad updated 3 years ago 2 Members · 3 Replies
    General Discussions

  • Dr. Irfan Shahzad

    Scholar January 5, 2022 at 5:18 am

    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.

    • Nasir Shezad

      Member January 5, 2022 at 5:22 am

      Bank will give money to me and I will buy the car on my own.

      Now what would be ruling on this??

  • Dr. Irfan Shahzad

    Scholar January 5, 2022 at 5:28 am

    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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