Use interest money to pay bribes, bank charges, taxes : staff loan for business

Fatawa Question

Salam dearest Dr. Monzer, Could you kindly reply to this question ? As-Salamu `Alaykum. I am living in Sri Lanka which is a non-Muslim country where Muslims make up almost 8 % of the total population of 22.3 million. In Sri Lanka almost all the financial institutions are interest-based. As a Muslim minority, to accomplish our necessities sometimes we have to depend on these institutions. In my case, I am working for a government organization as an analyst programmer. My salary is not even enough for the family’s monthly expenses. But for other necessities such as to buy a house or vehicle, I need to sought the help of these banks. Moreover I don’t have enough money to invest in some Halal investment that could bring some extra income for me. In our organization we have many loan facilities which are purely for employees benefits. But these staff loan facilities are also interest base. But these loan facilities are more convenient for us and our loan amount is directly deducted from our monthly salaries with a very low interest rate for the staff benefit. My question is whether it is lawful for me to use these staff loan facilities for our necessities.

Fatwa

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Publication Date

2011-08-11

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Banks
• Islamic jurisprudence
• Financing
• Loans
• Money
• Employees
• Taxes
• Bribery
• Business
• Usury
• Islamic Banks

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-730456

• APA
• MLA
• AMA