Is it allowed to take loans from the bank with interest? - Q&A - Sh. Hussain Yee

[@aasiyashaikh1775]

We we Muslims should undertake this situations in our hand and the Muslims who can .... Afford giving loans to most neddy people without practising interst thats how we can improve....

[@roberthannah7983]

This does not make sense in the modern economy when you are talking about banks with thousands of customers and corporations and governments that need to borrow millions for business and for building roads and hospitals.

[@RichardsWorld]

Banks take loans from the government also. They don’t just use customer’s money. The government charge them interest. They can’t borrow money from customers and the government with interest and give you a free loan.

[@anvarfou]

@@roberthannah7983 hai, I am also confuced in the term of riba. Is the word riba used in Quran is interest by bank or not. I see many comment it yours in many channel. Are you a Muslim guy.Can you please answer me, is gold loan is allowed in Islam. Is it riba when we take a gold loan. Somebody told that, sell your gold rather than make a gold loan ,becouse it is riba. Is there any truth in it. I am confused. This term riba is very confuced. I am from India , I wanted to start "sukanya samrithi yojana" scheme. Which is provided by the central government for out daughter belove 10 age. It is interest based savings scheme. But after hearing about riba ,I am afride ,and cofuced that is the term riba mentioned in Quran is interest or not. Most scholars in KZbin strictly prohibit that not take any loan, not take any savings account, not take gold loan , all are based interest , it is riba etc... I am confused . Can you help me. Pls reply this comment.

[@roberthannah7983]

@@anvarfou I am not Muslim but have worked in finance and economics. I see many Muslims who endure hardship because they are told they cannot take mortgages, car loans, student loans, business loans. There were no banks at the time of the prophet, only exploitive moneylenders. If you read my other posts you probably know what I think - but in short riba was exploitation of moneylenders upon the poor, not modern interest. Riba is like loan sharking. But people do get into trouble with too much debt and interest. The Prophet Muhammad ﷺ said: “The best of your religion is that which is easiest, the best of your religion is that which is easiest.” (Musnad Ahmad) Islam is not meant to be a burden on our lives. It is meant to be something that we integrate into our lives, not something that we compartmentalize. Following Islam should make us happier and more fulfilled. If a person is neglecting their family, health, or well-being in the name of Islam, then that is not true Islam. (source - Deenspiration) I dont think there is anything special about gold, its only because it was used as money at the time of the prophet. I think you should use the government saving program, it provides for your daughters future, and ecnourages saving and investment in the economy. I dont think much of the "youtube scholars" like Naik, Menk, Hosein, Hakeem etc. - they tend to rant and make their money by appealing to the conservatives.

[@helper4665]

Correct answer Masha Allah!

[@abdulshahid5726]

Masha Allah brother

[@sarakareem7739]

Mashaallah mashaallah very good answer

[@AbdulRehman-jn6we]

Still yet to find a logical reason for banning taking loans from bank. I think there is a difference between 'exploitation' and 'agreed upon terms for a loan'. Sin is when your family or friend is in genuine need of help and you, in capacity of helping, decides not to help. Or you do help, but later exploit them, harass them and belittle them. This is haram and is understandable. But taking loan from a bank(upon agreed upon conditions), how is it harmful.

[@ARscents]

It's the instruction given by the prophet SAW and we have to follow it and there is no other way around.

[@roberthannah7983]

@@ARscents Riba was financial exploitation of poor debtors. This is not the interest from middle class banking and corporate and government bonds.

[@awwababdelrazig4245]

Regardless of how it was used in the past, we don’t try and apply that to our standards today. If Allah SWT and his messenger forbid something, we simply “hear and obey”. However, I understand how it is tough due to rent prices and the economy, but that is never a justification to go against our commands.

[@roberthannah7983]

@@awwababdelrazig4245 Yes, riba was prohibited. But is riba the same as interest in the modern economy? No. Riba was the redoubling of unpaid debt levied by greedy moneylenders on impoverished debtors who could not repay (riba al jahiliyyah), and their sale into slavery at the time. Riba is similar to loan sharking and predatory lending upon the poor today.

[@AbdulRehman-jn6we]

@@awwababdelrazig4245 brother, isn't something more convincing, believable, if we have some logical reasons for it. Rather than just saying it's written in a book somewhere.

[@abdulex2]

Alhamdulilah!

[@sheikhsadia2246]

Alhamdulillah

[@tan8813]

I live in the UK, it's basically impossible to buy a house without a loan all of which are with interest. For example a house costs around 350k-500k in the UK. Mortgage payment monthly £900-£1200 with a 50/60k deposit (3bed) Renting £1600-2500 1 to 2 bed Median income in the UK 25-30k (32%tax including NI) income after tax £1500-£1800 Renting private is impossible for some people as it's more than they earn, and social housing is almost impossible to come by, my borough has 15,000 people in the waiting list and they let about 900 property a year, so the wait time is like 10/15 years in most cases. What are my options, ?I try my best to live a halal life style but in certain situations I feel like I don't have a choice ?

[@IgnorablePanda]

I'm basically in the same situation but in Italy, i'm under rent since the birth and im currently 30, i can't afford to live anymore like this because we always drag people who try to abuse us in some way and we live in poor conditions just because we are not allowed to buy a house, due to the loan with interest... We're giving money to kafirs, we're growing their economy but we cannot own anything... I'm trying to live a halal lifestyle just like you, but i really can't afford to continue like this... I can't even go somewhere else, my mum is old and i can't just throw her into a new country, with a new culture and language, even if it's an islamic country (that means nothing after all)... I want to believe that is only a trial from god, but honestly i'm losing hopes day by day, i just feel i'm living a void life due to doubtful restrinctions who don't care about the singular cases...

[@farhathashmi9664]

@@IgnorablePanda , same here. don't understand .what to do?

[@IgnorablePanda]

@@farhathashmi9664 hi brother, meanwhile I managed to get more insights about the issue and it gets even odder, meaning that there's no a simple answer as many people want others to believe, just a mountain of misinformations. I suggest you to find and read "riba, interest and six hadiths: do we have a definition or a conundrum?" from dr. Mohammad Omar Farooq. Hope that this can help you, may Allah guide us.

[@farhathashmi9664]

@@IgnorablePanda , however intrest is haram in Islam. now it depends on ur situation. may ALLAH forgive us.

[@petboy4146]

Z K. This is your test, brother. Avoid interest if you can. I know renting is a headache. Try the islamic banks and see if they can help out.

[@carlguenzel1447]

Interest should never be allowed. The god's warned us, but we don't listen.

[@kvnajath]

is taking loan from a bank to reduce the interest to other bank , ie current we have loan from a person and we use to pay high amount in term of profit share but bank gives us lessor amount of interest , so is it permissible to take loan from bank and settle the person whom we use to pay monthly fixed amount as profit

[@princetaz3187]

Thats like asking is it ok to sleep with your mum? Thats what the lowest form of interest and usuary is equivalent to in islam.

[@netknower]

Riba is Riba, right ? Today in the name of Islamic banks, some do practice of Mourhabah. Buying and reselling with a minimum 25% of OP, called Banking charges and 2 times notory charges handling by the end buyer. At the final, the house cost 50 % extra. And Asking to bring 20 % of initial amount. Just imagine a house pricing around 200 000 €.

[@ybs9343]

Don't worry. What they are doing is not unseen by Allah SWT. They try to deviate from riba by doing something similar and just change the name calling it other-thing than riba. That's hypocrisy. They'll get what's waiting for them.

[@roberthannah7983]

@@ybs9343 But meanwhile thousands of practicing Muslims are being overcharged in the already overpriced housing market - more than they pay to a regular bank.

[@NasirMandlekar]

I'm not drinking Alcohol I'm not having Alcohol but I'm salling it 🤪... bank intrest is same like that.. Allah said in Quran Riba is haram.... so don't rise your question against it... just obey... that's called Imaan

[@stafjustice9899]

He didn't answer the question

[@abdulex2]

what? Alhamdulilah I think he answered the question so clearly, now I don't have any doubts in my mind. Loan is not allowed.

[@sim_1017]

He did

[@netknower]

You says a person in need of house, so to avoid sleeping in the street, right ? That means no work and no Money. So how a poor could get a loan from a bank in Europe, in US and elsewhere, even in Middle east ? Just think practically and question your common sense and answer my question please ?

[@petboy4146]

Rent instead. There's an islamic bank that's called UIf. Try them and see what they can do for you.

[@aikotv4553]

the question is loan for house not loan for a car? i am not satisfy his answer.

[@shabzaymanimran892]

He is talking abt all loans

[@abdulex2]

What is the difference? No loan with interest for whatever reason. car or house

[@ibraheemahmedahmed8951]

I wish people would listen and use their own brains but this life has become a rat race

[@desiMrX2]

Some people say it comes under ribbah when the interest is fixed let say 10%....but if its like between 10%-35% then its not ribbah...i dont know whether its right or wrong please throw some light on it thanks.

[@Nur-kg7nm]

It is still riba..no matter the percentage

[@shabzaymanimran892]

RIBA IS RIBA NO MATTER WHAT

[@abdulc5936]

@Iso then who are we suppose to listen to then.

[@petboy4146]

IF THE SCHOLARS HAVE DIFFERENT OPINIONS ON SOMETHING, IT'S BEST TO AVOID IT IF YOU CAN

[@owaismemon8609]

My family receive interest from saving bank account... I am planning to take student loan can I use that interest money to repay my student loan interest

[@petboy4146]

You're not supposed to be taking a student loan in the first place. And tell your family to tell the bank, they don't want interest. I told my bank I don't want any interest. They obligated me with that.

[@hayatkuwait4575]

No

[@user-qc9bl8oe8p]

I know that it is haram but I don't have another opportunity to improve my situation. Unfortunately I will do it.

[@quranicverses.2394]

bro there's always a choice. but we humans don't listen and we like to go with our desires. is like saying since I don't have the transportation fee to go to work, I'll stay home. No you will either walk or use a bicycle regardless because you've to feed your family. I'd rather rent a house than buy one and living with guilty knowing Allah swt is not happy with me . bro there things we should not play around with it . may Allah swt make it easy for us all

[@mukithebar6488]

Riba. Interest. Usury GOD declares war on he who records it. He who gives it and he who takes it More sinful than committing zina with ones parent Fyi. The dollar is an interest based instrument and a record of riba interest so we are all guilty of this sin and GOD has declared war on us

[@GilesMcRiker]

Nice dig at the Jews but that is not an accurate reflection of Jewish law

[@ISCDesignArchitect]

its a fact

[@elliotpolanco159]

Riba is slavery