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Q.

Since Islam is strictly against against collecting interest , whether is it Islamic to have availed bank loan and pay interest?

Tags: islam, islamic, collecting interest
Asked by Josna, 15 Jun '10 11:34 am
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Answers (7)

1.

I'm not aware actually what type of interest is said by the Islam. What is it's defination particularly ? As such, I can't commit any comments here which may otherwise hurt others. Thanks.
Answered by ashis, 15 Jun '10 11:48 am

 
  
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2.

Taking interest is unislamic not giving interest. However sometimes I wonder whether there is any truth that Islam is strictly against against collecting interest because Pathans are famous for lending money on higher interest rates.
Answered by manoj thakur, 15 Jun '10 11:40 am

 
  
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3.

Oops is it so.. then why were the muslim rulers collecting taxes n interests on the same!!!
Answered by manoj kumar, 15 Jun '10 11:37 am

 
  
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4.

It is a tricky question . Actual word used in Quran is RIBA . This type of question can be answered by only scholars of Islam .Anyway something for you here
Why Islamic Banking?

The collapse of leading Wall Street institutions, notably Lehman Brothers, and the subsequent global financial tsunami and economic recession, Islamic banking is seriously being considered and has emerged as a possible alternative to the conventional banking because of the followings:
It is based on Ethical and Socially Responsible Investments (SRI)
It aims at Equity and Justice and leads to poverty alleviation and
It acts to new dimension to assets and actual projects aiming to support real economic growth instead of financial engineering.
It provides services to under banked populations ignored by conventional banks

Efforts Undertaken Meeting RBI & FM ...more
Answered by hazir jawab, 15 Jun '10 03:54 pm

 
  
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5.

Not at all allowed to avail bank loan and pay interest. without physical or mental work, a person should not take money.
Answered by mohd yousuf, 15 Jun '10 11:54 am

 
  
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6.

This business by loosing money ,can awail,i think
Answered by mohd basheer, 15 Jun '10 11:35 am

 
  
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7.

No clear acceptance on this concept
Answered by anil garg, 10 Dec '10 12:22 pm

 
  
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