Transactions & Dealings >> Interest & Insurance
Question ID: 1954Country: India
Answer ID: 1954
Bismillah hir-Rahman nir-Rahim !
(Fatwa: 722/718=N)
In the above mentioned case the loan you have taken is not interest, you can use them in your needs. Interest will be the additional amount that you will pay while repaying this loan. But, it is to be noted that taking interest based loan from bank and so is not allowed, since Allah says:
وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا
But Allah has permitted trade and forbidden usury. (2/275)
Allah (Subhana Wa Ta'ala) knows Best
Darul Ifta,
Darul Uloom Deoband, India