Transactions & Dealings >> Interest & Insurance
Question ID: 57164Country: NZ
Answer ID: 57164
Bismillah hir-Rahman nir-Rahim !
(Fatwa: 387/421/L=04/1436) It is haram to take interest based loan in the light of the holy Quran. The holy Prophet Muhammad (صلى الله عليه وسلم) cursed those who receive interest, pay it, record it and bear witness to it. Hence if you avoid taking interest based loan it is better for you. However, if it is very much difficult for you to stay in rented home and it is very tough to buy land or house then in this case if you take loan then it is hoped that you may be safe from the curse of interest.
Allah (Subhana Wa Ta'ala) knows Best
Darul Ifta,
Darul Uloom Deoband, India