Is it permissible to take a bank loan with interest? And what should a person do if he has such a loan and has already utilized the money such as on a car? Does it affect the permissibility of using that car?
Is it permissible to take a bank loan with interest? And what should a person do if he has such a loan and has already utilized the money such as on a car? Does it affect the permissibility of using that car?
Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 2 years ago
If you take the money from a Non Muslim bank and use it in lawful way, then it is allowed.
If you take the money from a Muslim bank, then you must have with them an agreement within the frame of Islamic rules of business.
Wassalam.