Taking an interest bearing loan
Q: I live in Europe and I need some money and there is no one to help me. The bank is ready to give me a loan but they want it back with interest. For example, if I get 5000, I have to return 5500 in two years. I know it is not halaal, is there any way to make the amount halaal for me?
A: Taking an interest bearing loan from the bank is haraam. Severe warnings have been sounded in the Quraan Majeed and Mubaarak Ahaadith for those who get involved in the grave sin of interest.
The Quraan Majeed mentions that on the Day of Qiyaamah, the one who consumed interest will wake up in such a state of bewilderment and shock that it will seem as if he has been affected by the evil touch of Shaitaan.
Allah Ta`ala says: “Those who consumed interest will rise [on the Day of Qiyaamah] like the one who has been afflicted by the evil touch of Shaitaan.”
In another verse of the Qur'aan Majeed, Allah Ta`ala declares war with those who get involved in the grave sin of interest.
Allah Ta`ala says: “If you do not do so [desist from dealing in interest] then be prepared to wage war against Allah and His Rasul (sallallahu alaihi wasallam).”
Can one ever imagine being on a warpath with Allah Ta'ala and His Rasul (sallallahu alaihi wasallam)? Can a person ever enjoy any success and happiness in life if he is at war with Allah Ta'ala, the Creator of the universe?
In the Hadith, Rasulullah (sallallahu ‘alaihi wasallam) cursed the one who consumes riba (interest), the one who feeds it to others, the one who records it (i.e. the transaction) and those who are witness to it (i.e. the transaction). Rasulullah (sallallahu ‘alaihi wasallam) also said, “All of them are equal (in sin).”
In another Hadith, Rasulullah (sallallahu ‘alaihi wasallam) said, “Consuming one dirham of riba knowingly is worse than committing zina thirty-six times.”
In yet another Hadith, Rasulullah (sallallahu ‘alaihi wasallam) said, “The fire of Jahannum is more deserving for the one who nourished his body with haraam (riba).”
Hence, it is not permissible for you to take an interest bearing loan from the bank. You should weigh your need to take an interest bearing loan against the wa'eed (admonishments and warnings) mentioned in the abovementioned verses of the Quraan Majeed and Ahaadith of Rasulullah (sallallahu alaihi wasallam), and ask yourself whether you have the ability to withstand the punishment of the hereafter.
We advise you to take an interest-free loan from some family member or friend, if they are prepared to give it to you, which you will easily be able to pay back.
And Allah Ta'ala (الله تعالى) knows best.
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