Transactions & Dealings >> Interest & Insurance
Question ID: 769Country: India
Answer ID: 769Posted on: Sep 1, 2020
Bismillah hir-Rahman nir-Rahim !
(Fatwa: 377/362=N)
It is prohibited to accept more than the amount you deposited, because the additional amount is interest which has been explicitly declared haram in Islam. The Quran says:
واحل اللہ البیع و حرم الربوا (الآیۃ)
?Allah hath Permitted trade and forbidden usury? (2/275)
Allah (Subhana Wa Ta'ala) knows Best
Darul Ifta,
Darul Uloom Deoband, India
Is bank loan permisible in India for business purpose? if yes what are the criteria and if no why?
1576 views