Buying properties on interest loans : buying equipment on bank loans

Fatawa Question

Assalam Alakum, I really appreciate your help by answering this question. 1 : I invested with a group of doctors in a hospital, where initially they gave me the impression that no bank loans will be used, however after about a year the board of directors has decided to take a bank loan, which involves a markup. The loan is intended for buying equipment for the hospital and initial running including employee salary. 2 : as a partner I will be provided a free clinic and an attendant. And when the hospital start making profit my share according to my investment. 3 : if I withdraw from the group now I won’t receive my invested funds for 2 years as per contract. 4 : what is my best course of action ? Totally withdraw from the project or can I utilize the option of using the free clinic but not accept any profit made by the hospital forever or for the time period that the loans are paid off. So I will be utilizing my share of investment other than interest. Jazak Allah.

Fatwa

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Publication Date

2008-01-22

Main Subjects

Economics & Business Administration
Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Purchasing
• Medical instruments and apparatus
• Bank loans

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-729710

• APA
• MLA
• AMA