Interest loan to start a business : interest loan to start a business : [1]

Fatawa Question

I am a father of four under the age of ten living in a Western non-Muslim society. Just recently, I lost my job. My employment chances in this country, given my qualifications and my age, and the negative atmosphere towards Muslims are very slim. My best chance for earning my livelihood for myself and my young family is to utilize my skills and qualifications in a business venture. Unfortunately, that would require finance through the conventional Banks, as the only Islamic finance institution in this country does not provide business finance and is struggling to provide finance for residential properties (waiting period 16 months with a minimum of 20 % deposit). It is not about accumulating wealth. It is about putting food on the table for my family and paying for my children's Islamic education and other essential needs. The other alternative would be to go on welfare from the Government. Is it permissible for me, in my situation, to receive loans from Banks in order to finance my business for my livelihood ? Your Brother,

Fatwa

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Publication Date

2002-04-27

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Loans
• Business
• Usury

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-725733

• APA
• MLA
• AMA