Borrowing on interest from own 401 k account : loans from the 401 accounts
Fatawa Question
Assalamu Alaikum. May Allah reward you abundantly in this life and hereafter for helping Muslim Ummah. I believe this is the most authentic site on the web. I need your advise about the loan from my the 401 K plan. I am planning to borrow money from my 401 plan. My company will deduct this money in five years from my pay check. But they will charge me 7. 50 % interest. This interest will be added in my account. Basically this will be my money. If I do not pay back the money they will simply deduct this money from my 40 1K account. I would have to pay around 40 % tax. Should I borrow this money ? My second question is can I go to Hajj if I borrow money from my 401 K plan ? if someone has debt is his hajj will be acceptable to Allah ? Please answer my questions in the light of Qur’an and Sunnah. May Allah reward you for your help.
Fatwa
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Publication Date
2001-08-12
Main Subjects
Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-726583
American Psychological Association (APA)
Qahf, Mundhir. 2001-08-12. Borrowing on interest from own 401 k account : loans from the 401 accounts. .
https://search.emarefa.net/detail/BIM-726583
Modern Language Association (MLA)
Qahf, Mundhir. Borrowing on interest from own 401 k account : loans from the 401 accounts. 2001-08-12.
https://search.emarefa.net/detail/BIM-726583
American Medical Association (AMA)
Qahf, Mundhir. 2001-08-12. Borrowing on interest from own 401 k account : loans from the 401 accounts.
https://search.emarefa.net/detail/BIM-726583
