Category: Financial Transactions
Fatwa#: 26067
Asked Country: Qatar

Answered Date: Sep 09,2013

Title: Qatar Islamic Bank Personal Loan

Question

Assalamualaikum,

 

I am an Indian working in Qatar. For my family needs, I want to take personal loan from Qatar Islamic Bank. The bank assures of shariah compliance terms and conditions. I want to know if I am doing any wrong by taking personal loan from an islamic bank adhering to shariah laws.

Can you please explain the ruling of personal loan in an islamic bank ?

 

Jazakallah.

 

Mahmood Alam.

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykumwa-rahmatullāhiwa-barakātuh.

Kind submit the following information in order for us to issue a ruling:

1. Actual Contract of the loan agreement and how will it be structured

2. What is meant by “Takaful Insurance” and “Ability to buy out liabilities from other banks” as stated on the Qatar Islamic Bank website?

Mufti Ismail Desai,
Darul Iftaa
Durban, South Africa

Checked and Approved by,
Mufti Ebrahim Desai.

DISCLAIMER - AskImam.org questions
AskImam.org answers issues pertaining to Shar'ah. Thereafter, these questions and answers are placed for public view on www.askimam.org for educational purposes. However, many of these answers are unique to a particular scenario and cannot be taken as a basis to establish a ruling in another situation or another environment. Askimam.org bears no responsibility with regards to these questions being used out of their intended context.
  • The Shar's ruling herein given is based specifically on the question posed and should be read in conjunction with the question.
  • AskImam.org bears no responsibility to any party who may or may not act on this answer and is being hereby exempted from loss or damage howsoever caused.
  • This answer may not be used as evidence in any Court of Law without prior written consent of AskImam.org.
  • Any or all links provided in our emails, answers and articles are restricted to the specific material being cited. Such referencing should not be taken as an endorsement of other contents of that website.