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 ?
In the Name of Allah, the Most Gracious, the Most Merciful.
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,
Durban, South Africa
Checked and Approved by,
Mufti Ebrahim Desai.