Our government is given loan to small businesses to reduce unemploymen The essence of the loan is the reduce the rate of unemployment in Nigeria through Small scale businesses,So the government came up with a plan of given 1 to 10 million naira loan to start-ups but the loan came with 5%interest. Is it permissible for muslims to seek for this loan to reduce unemployment rate.
Our government is given loan to small businesses to reduce unemploymen The essence of the loan is the reduce the rate of unemployment in Nigeria through Small scale businesses,So the government came up with a plan of given 1 to 10 million naira loan to start-ups but the loan came with 5%interest. Is it permissible for muslims to seek for this loan to reduce unemployment rate.
12Aug
ANSWER:
No, this is not permissible.
Dealing with riba(interest) is totally prohibited and one of the major sins.
Our government is given loan to small businesses to reduce unemploymen The essence of the loan is the reduce the rate of unemployment in Nigeria through Small scale businesses,So the government came up with a plan of given 1 to 10 million naira loan to start-ups but the loan came with 5%interest. Is it permissible for muslims to seek for this loan to reduce unemployment rate.