Category: Business Matters
Fatwa#: 37649
Asked Country: Kuwait

Answered Date: Feb 11,2017

Title: I want to take a loan from 'kuwait Finance House

Question

Dear Mufti Saab,

Iam residence in kuwait, I want to tak loan from islamic bank in kuwait called 'kuwait Finance House' (KFH)

according to the islamic sharia way of financing. www.kfh.com

they are service called 

"TAWARRUQ" CONTARCTS

This solution aims to providing the client with the needful liquidity by means of buying a resalable commodity from KFH at given price, the client then resells the commodity immediately to gain cash while pays to KFH in later phase. 

 

Please advice can i take loan through these contract..

 

Answer

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

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

Kindly forward us details of this scheme in order for us to issue a ruling.

 

And Allah Ta’āla Knows Best

Ridhwan Ur Rahman

Student Darul Iftaa
Cardiff, Wales, UK 

Checked and Approved by,
Mufti Ebrahim Desai.

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