Is it permissible to get loan from bank if we have to return it in fixed instalments? For example I borrow $5000 and I have to return $6000 in a period of 12 months.
Is it permissible to get loan from bank if we have to return it in fixed instalments? For example I borrow $5000 and I have to return $6000 in a period of 12 months.
17Mar
ANSWER:
This is absolutely prohibited and one of the major sins in islam.
Is it permissible to get loan from bank if we have to return it in fixed instalments? For example I borrow $5000 and I have to return $6000 in a period of 12 months.