Question

Having a credit at Al-Baraka Islamic bank

215

Question

Is it permissible to have a credit from al-Baraka Islamic bank for importing raw material for industrial use? Please reply as soon as possible.

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Accepted Answer

Praise be to Allah, the Lord of the Worlds; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.

We do not know to what extent Al-baraka Bank is abiding by the Islamic jurisprudence in its dealings. However, we affirm that loans are of two kinds:

· A loan (good loan) without interest or usury, this is permissible and there is no problem about it.

· A loan with interest and usury, whether the interest or usury is a big amount or a small amount. This kind of loan is Haram without doubt.

Both the creditor and debtor are sinful, as Muslim reported from Jabir (Radiya Allahu Anhu) who said: “The Prophet (Sallallahu Alaihi wa Sallam) said: "Allah has cursed the one who eats Riba (usury and interest) the one who provides others with it, its witness and its writer." [Al Tirmizi].

Allah knows best.

Fatwa

Having a credit at Al-Baraka Islamic bank

Question

Answer

Related Fatwa

Using Domain Name That Was Purchased with Credit Card

His Roommate Insisted on Him So He Helped Him Get A Credit Card on Riba-Based Conditions

Using Credit Cards Without Paying Interest

Using credit card as part of work duties

Using credit card to pay for Hajj and 'Umrah

Keeping a credit card to maintain a good credit score

Visa Islamic Credit Card of SIBL in Bangladesh

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