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 11 months 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.