Can I take a Loan from a bank if I intent to pay the interest using the interest that the same bank gives me on my account?
Question
Dear Mufti; I have read that you gave fatwah that the interest on a bank account could be used to offset the interest on a loan from the same bank; my question: If this is my intent can I take a loan from the bank ? Baraka Lahou Bikom
Answer
Respected Brother-in-Islam
Assalaamu Alaykum Wa Rahmatullaahi Wa Barakaatuhu
The wisdom behind the referred Fatwa is to merely dispose of the interest in the very avenue it was obtained from. It certainly does not imply that one can deliberately obtain an interest bearing loan.
and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
FATWA DEPT.
- Answered by
- Mufti Ebrahim Desai
Fatawa SA is an independent, read-only index of fatawa already published by Darul Iftaa Mahmudiyyah (AskImam). It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.