Is paying back more to a loan I take from my pension fund considered interest ?
Fatawa Question
I intend to purchase a property for my business use for which I intend to borrow the money from my own pension funds. I have a self-administered pension scheme to which I and my partners contribute, the scheme allows us to operate and invest the money at our own discretion as so far as it meets pension rules. The trustees advise me to meet pension rules they must be a gain for the funds that I borrow, they advise me I can borrow the money and repay the amount over a period with interest. The principal owner of the funds in the pension pools is myself so I will be borrowing my own money and repaying it to myself with interest. The question I therefore need clarifying is : would this type of transaction be lawful as I would require me paying interest to myself ?
Fatwa
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Publisher
al-Qalam Shariah Scholar Panel
Publication Date
2012-05-28
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-727088
American Psychological Association (APA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2012-05-28. Is paying back more to a loan I take from my pension fund considered interest ?. . Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-727088
Modern Language Association (MLA)
al-Qalam Shariah Scholar Panel (Manchester, England). Is paying back more to a loan I take from my pension fund considered interest ?. Manchester England : al-Qalam Shariah Scholar Panel. 2012-05-28.
https://search.emarefa.net/detail/BIM-727088
American Medical Association (AMA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2012-05-28. Is paying back more to a loan I take from my pension fund considered interest ?. Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-727088
