Loan

In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid, and also to repay the principal amount borrowed.

135065

Loan . Interest . Students

I took a student loan last year and applied this year too. Now that the classes have started and the loan has been approved I found out that it is with interest. My heart is very restless, what should I do?

Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 3 years ago

It is allowed to take what is known as Student Loan from Non Muslim authoraties even if you know that they will charge interest. You can pay it as you pay taxes to the authorities. It is not obligatory to take such loan but it is allowed.

Wassalam.

97775

Loan . Bank

Can we take a loan from a non-Muslim bank in a Muslim country?

You can lawfully take money from non Muslim bank based any where and act upon the agreement between you and them as far as you use the money in a lawful way. The interest which you have to pay is like the tax which you have to pay.

Wassalam.

127825

Interest . Employment . Loan

Can I work as an employee in a financial company that offers loans on interest to customers?

Muslim is not allowed to work in usury (RIBA) dealing. If the job is away from usury then it will be allowed, but if it is related to usury in any way like taking, giving, accounting etc then it will be not allowed.

Wassalam.

126462

Sacrifice . Loan . Imamah . Animals . Eid al-Fitr . Eid al-Adha

Is it true that one of our Imams (AS) said that one should sacrifice an animal on Eid al-Adha even if one has to take a loan?

It is highly recommended to sacrifice on Eid Al-Adha, but it is not obligatory except on pilgrims in Hajj. The narration you mentioned means the importance of the sacrifice and the great reward of it but does not mean that it is obligatory.

Wassalam.

123347

Interest . Bank . Loan . Employment

Can I learn programming at a company that develops software for banks that give out interest bearing loans?

Learning programming is allowed in any company or school or college, but indulging with interest (RIBA or usury) is not allowed for Muslims.

Wassalam.

122940

Islam . Marriage . Man . Property . Marriage Proposal . Loan

Is it allowed in Islam to reject a marriage proposal because the man does not own any property and is in debt?

Amina Inloes, Amina Inloes is originally from the US and has a PhD in Islamic Studies from the University of Exeter on Shi'a hadith. She is the program leader for the MA Islamic Studies program at the... Answer updated 3 years ago

A woman is not required to marry a man just because he wants to marry her. She is also not required to give a reason for refusing. Marriage is optional.

The opposite is also true - that is, a man is not required to marry a woman just because she wants to marry him, and he is also not required to give a reason for refusing.

The idea a woman must give her life over to a man simply because he asks - unless she had a reasonable excuse - would indeed be an astonishing form of male privilege.

Islam . Marriage . Man . Property . Marriage Proposal . Loan

Is it allowed in Islam to reject a marriage proposal because the man does not own any property and is in debt?

Main criteria for marriage in Islam is religious practice and good morals. Financial status is not among the main conditions. In fact the Prophet (SAWA) proposed a marriage between very poor person ( Jowaibir) and a very rich woman (Al-Dhalfaa').

The man should be able to earn livelihood for him and his wife and live with his wife with dignity.

Wassalam.

121517

Interest . Loan

Is it permissible to take out loans with interest? Does it depend on who the loan is taken from?

It is not allowed to take loan with interest from Muslim or any bank or financial institution owned by Muslims.

It is allowed to take from non Muslim any amount in a lawful way to be used in a lawful way even if you know that non Muslim will charge you interest which you pay it as you pay taxes or service charges to the non Muslim as part of their financial practice.

Wassalam.

111437

Husband . Loan

I am having trouble paying back my student loans. Is my husband required to help me with those repayments?

It is good for your husband to help you as it is good for you to help him, but if you ask about the obligatory duty of your husband then the answer is: Husband is responsible to spend on all livelihood expenses of his wife including accommodation, food, clothing, medicine etc. He is not responsible to pay for your loans which you have taken for yourself and not for both of you or for your livelihood expenses.

Your student loan was taken by you and the money was received and spent by you and not spent by both of you. Had your husband spent any amount of that loan, either for his own expenses or on your livelihood expenses which is his responssibilty , he will be then responsible to repay that amount.

Wassalam.

105752

Loan . Sin . Students . Education

I took out a student loan in order to complete my business degree at university. Was this a sin and is it allowed for me to gain employment or any other benefit on the basis of this degree?

It is allowed to take money from the government to meet studying expenses and repay it later on after employment according to the agreement.

Wassalam.

104598

Interest . Investment . Stock . Loan

Is it allowed to invest in stocks of companies that are financed by interest-bearing loans even though the company produces Halal products?

If the company is dealing with Halal products only and the finances were taken from non Muslim banks or financial institutions, then it is allowed to invest in its stocks.

Wassalam.

101730

Interest . Loan . Western Society . Investment

As someone who lives in the West, can I buy shares of American companies that have debt and pay interest on their loan that is taken to finance or expand their business?

It is allowed to buy shares of any company which does not do Haraam business like alcohol, gambling, pork etc.

Company with whole allowed business but taking loans from the non Muslim banks, does not make the company Haraam.

Wassalam.