Could you please refer my contract and advise about shariah ruling on this loan
Question
I am living in Dubai, and took some loan from Sharjah Islamic Bank, 3 years ago with 3.79% profit rate per year after cosulting some aalim.
After reading islamic banking questions and answers i am worried.
Could you please refer my contract and advise about shariah ruling on this loan.
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
Kindly submit the following information in order for us to issue a ruling accordingly.
1. Terms and conditions of contract
2. Shariah Concept and structure used
3. Shariah flow of funds
4. Do you have a fixed or variable rate on your financing?
And Allah Ta’āla Knows Best
Ismail Desai,
Darul Iftaa
Checked and Approved,
Mufti Ebrahim Desai.
- Answered by
- Ismail 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.