Published 7 years ago
Last updated 7 years ago
Q: One of the banks in my residence country is offering a short term interest free loan. I am only interested in using this loan because it is interest free. It has a fixed processing fees (1 % of the amount of loan) and a onetime fixed insurance fees to be paid. Can you please advise, if it is alright to utilize this loan.
A: When there is an element of haraam in this arrangement then abstain.
And Allah Ta'ala (الله تعالى) knows best.
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