Fatwa #1440826 July 2006United States of America

the inflation here is extremely high. the banks are offering interest rate of more than 100%. can i use that money and make it a source of income

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Answer

Your question is not clear. According to our understanding, you wish to take a loan on interest and do business. If our understanding of your query is correct, then hereunder is our response:

It is not permissible to take a loan on interest as interest is expressly prohibited in the Shari’ah.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

#32941How come its permissible working in a bank as an inbound call centre agent when the source of income of the bank is from interest?
#18613Many banks in pakistan offer loan without interest for HAJ. Is this allow in Islam to take loan from bak without interest and give some of the % before and rest in installemnet after HAJ. If no then why Banks like meezan , dubai islamic offering it.
#29491Sources of funds/income for a bank
#17556I pay over a lac rupees (Indian Rupees 100,000.00) in Zakath annually. As my income is completely white, I pay income tax to the tune of one lac twenty thousand rupees...My first question is...
#8647Can a muslim work in a Conventional Investment Company (Not a Bank)...If you look at the financial of any company, Interest Income (RIBA) is found almost every where,
#42205Discount offered by the Bank
#8059I live with my mother and she has a very low income, now I know interest is prohibited, but is it okay for us to receive interest from banks only up until I get a job?
#19466Living in a house bought through a loan from the bank. 2. Earning money from business running with interest. 3. Going for Umrah or Hajj every year while involved in interest.

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