Receiving interest on a loan
Question
My friend is asking me for Rs.100 for a business and he is telling me that he will give me the money after 1 week along with 2.3% of the Rs.100, that is after 7 days he will give me Rs.116. Can I take this Rs.116 or is it haram?
Moreover he is telling me how much you give me I will give you after 7 days with 2.3% of your invested money. Please clarify, if it is halal I will proceed otherwise I will not.
Answer
This is riba (interest). Hence, it is impermissible.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Zakaria Makada
- Checked & approved by
- Mufti Ebrahim Salejee (Isipingo Beach)
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