How to take a Loan from the Bank in a Halal way?

If a Muslim wants to take a loan in an emergency from the bank, Then How to take a Loan in a Halal way?

Dear Shaikh at that time many Muslims took a loan from the bank. I want to know clearly about the Loan. is it Haram all time or is there any Halal way? (Hasan from Us)

Money/Wealth is one of the necessities of humans. Life remains pleasant as long as one has an adequate amount of wealth.

When one faces financial difficulties and every single day brings about a new expense, then life starts becoming difficult. one at times even has to go through the undesirable avenue of taking a loan to fulfill his needs.

This is an issue that all Muslim Agree upon any Loan that Provides interest that considers being ribaa and Ribaa is Harah in Islam. Ribaa means Interest or usury. if someone gives you $ 100 and after a few days you return $ 110 that is Ribaa and Ribaa Haram in Islam.

Almighty Allah Says ” Allah will destroy Ribaa (usury) and will give increase Sadaqaat” (Sura Al-Baqarah)

Hazrat Jaabir (R) reported that the Messenger of Allah (Sallallahu Alaihi o Sallam) cursed the one who consumes ribaa, the one who pays Ribaa and who writes it, and two who witnesses. he said all are the same. (Muslim)

Those who have the same sin in respect of usury are’

  • Who consumes
  • Who write
  • witnesses

Poor Person who is unable to work is allowed to ask for help, and to take zakah and social security. Muslims whether he is Rich or poor are not permitted to take a loan at 7% or 10% or more or less.

How to take a Loan in a Halal way?

If any bank provides a Loan without Interest then it’s Halal. I think a Loan without interest is only available in Islamic Bank. If you want to take a loan for business or any others purpose then you can contact the Islamic Bank.

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