Personal loans with interest : can Muslims benefit from some credit modalities in western countries ?

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, The resident Muslims in western countries where there are no Islamic banks when being in a situation of necessity for the buy of a house, vehicle or any other necessity do not have more solution than to go to these banks that operate without guarding the Islamic formalities. The governmental institutions contribute to unemployed the long play and without economic resources for their labor reintegration with microcredits for the opening of new trades (the maximum of these credits is between 20,000 and 30,000 Euros with an interest from 3 % to 5 % and with a lack of time of 1 to 2 years) My question is if the resident Muslims in western countries in a situation of unemployed and without resources benefit from these modalities credit for his incorporation to the labor work ? Jazakum Allahu Khairan for your constant help

Fatwa

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Publication Date

2006-08-23

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-790445

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