Is it permissible for a Muslim living in the United States to take a loan from a non Muslim financial institution even though he/she knows that the bank will charge interest on the loan?
If it is permissible, does that person have to pay the Khums of the money they received in the loan first before they can use it for any other halal purposes such as investments and paying off debts?
Does that Muslim have to be in a state of desperate necessity to be allowed to ask for the loan or can they ask for it without being in a state of desperate necessity?
Is it permissible for the Muslim to ask for a loan as many times as he or she desires from the financial institution?
بِسْمِ ٱللَّٰهِ ٱلرَّحْمَٰنِ ٱلرَّحِيمِ
As Salaamu Alaikum Wa Rahmatullahi Wa Barakatuh,
We hope this answer reaches you in good health and Islamic spirit.
Kindly, accept our apologies for any delayed response, due to heavy load of questions.
Based on your specific question and information provided.
It is allowed. As long as the money taken or paid back is not with the intention of a loan or interest payment.
( Allah(awj) Knows best).
I hope this answers your question. If you have further questions kindly contact us at (718) 297-6520 Ext 113 Monday to Saturday between 11:AM – 3:00 PM.
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