Can I be a partner in a company that borrows interest based loans ?
Fatawa Question
I want to buy a business with a Muslim friend, and I want to avoid using an interest bearing loan from the bank. My friend has studied the issue of interest and holds the opinion it is permissible in this country. If the bank agrees to loan the money to my friend whilst I make a contribution towards the purchase in terms of cash and property security, my friend can then make me a shareholder in the company following completion. He will be the sole applicant in the transaction. Some of the income from the company will be used to make loan repayments would this be permissible for me, or is there any variation to this arrangement that could work ?
Fatwa
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Publisher
al-Qalam Shariah Scholar Panel
Publication Date
2016-05-31
Country of Publication
United Kingdom
Main Subjects
Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-727026
American Psychological Association (APA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2016-05-31. Can I be a partner in a company that borrows interest based loans ?. . Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-727026
Modern Language Association (MLA)
al-Qalam Shariah Scholar Panel (Manchester, England). Can I be a partner in a company that borrows interest based loans ?. Manchester England : al-Qalam Shariah Scholar Panel. 2016-05-31.
https://search.emarefa.net/detail/BIM-727026
American Medical Association (AMA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2016-05-31. Can I be a partner in a company that borrows interest based loans ?. Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-727026
