The nature of Riba and rationale of prohibition : Riba, loans and returns
Fatawa Question
Assalamu'Alaikum I'm trying to start up a business, and I'm trying to finance it in a Halal way. I couldn't find a bank that give me a loan without interest rate. So I decided to look for Muslim investors. My question : how can I write a contract that doesn't deal with Riba ? For example can I give the person back a percentage of the benefits + the original amount if the business is successful, but if I loose, can I reimburse him back for original amount without having him share the loss ? Could you please list for me the possible options to borrow money and paying it back in a Halal way ? Could you also send me a sample of a such contract that I can use ? Jazakum'Allah Khairan, Salam
Fatwa
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Publication Date
2006-06-15
Main Subjects
Economics & Business Administration
Islamic Studies
No. of Pages
2
Data Type
Fatawa
Language
English
Record ID
BIM-790200
American Psychological Association (APA)
Qahf, Mundhir. 2006-06-15. The nature of Riba and rationale of prohibition : Riba, loans and returns. .
https://search.emarefa.net/detail/BIM-790200
Modern Language Association (MLA)
Qahf, Mundhir. The nature of Riba and rationale of prohibition : Riba, loans and returns. 2006-06-15.
https://search.emarefa.net/detail/BIM-790200
American Medical Association (AMA)
Qahf, Mundhir. 2006-06-15. The nature of Riba and rationale of prohibition : Riba, loans and returns.
https://search.emarefa.net/detail/BIM-790200
