Loans, Tawarruq, discounting, financing of business : running business on banks’ funding

Fatawa Question

Assalamu `Alaykum Wa Rahmatullah Wa Barakatuh Dear Dr. Monzer, May Allah increase your knowledge ; please, help us answering this question. My father has three businesses in Dubai. In running those businesses he took the support of banks... later proper feedback was not put into business as funds were used in different purposes, resulting in losses and debts. Now we realized that running business through Banks’ support was a mistake and we are worried how to face our debts. Please enlighten this issue in the light of Islam as I don't know whether it is lawful to take support of banks to grow in business ? Muhammad

Fatwa

Click hereto view more

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Financing
• Business management

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-729692

• APA
• MLA
• AMA