Bank Loans
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Fatwa No. ( 21788 )
Praise be to Allah alone, and blessings and peace be upon the one after whom there is no prophet. After that: The Permanent Committee for Scholarly Research and Ifta has reviewed what was sent to His Eminence the Grand Mufti from His Excellency the Director General of the General Administration for Awareness and Guidance in the General Presidency for the Prohibition of Evil, which was referred to the Committee by the General Secretariat of the Council of Senior Scholars with number
( 2997 ) and date 16/5/1421 AH. His Excellency asked a question, the text of which is as follows: Attached to this letter are some promotional and advertising pamphlets for personal loans issued by some banks in the Kingdom of Saudi Arabia, and many Muslims have fallen into such loans. I hope that you will present these pamphlets to His Eminence the Grand Mufti to know the Shari'ah ruling on such transactions, knowing that many banks are making a vigorous effort to present them to people, sometimes by distributing them at their locations and sometimes by mail.
After studying the inquiry, the Committee responded that dealing with bank loans is forbidden; because it is riba (usury or interest). If that is the case, then advertising for them and promoting them is forbidden; because that is from cooperating in sin and aggression, and Allah the Exalted says:[Al-Ma'idah 5:2] . And success is from Allah, and may Allah send blessings and peace upon our Prophet Muhammad and his family and companions.
Praise be to Allah alone, and blessings and peace be upon the one after whom there is no prophet. After that: The Permanent Committee for Scholarly Research and Ifta has reviewed what was sent to His Eminence the Grand Mufti from His Excellency the Director General of the General Administration for Awareness and Guidance in the General Presidency for the Prohibition of Evil, which was referred to the Committee by the General Secretariat of the Council of Senior Scholars with number
( 2997 ) and date 16/5/1421 AH. His Excellency asked a question, the text of which is as follows: Attached to this letter are some promotional and advertising pamphlets for personal loans issued by some banks in the Kingdom of Saudi Arabia, and many Muslims have fallen into such loans. I hope that you will present these pamphlets to His Eminence the Grand Mufti to know the Shari'ah ruling on such transactions, knowing that many banks are making a vigorous effort to present them to people, sometimes by distributing them at their locations and sometimes by mail.
After studying the inquiry, the Committee responded that dealing with bank loans is forbidden; because it is riba (usury or interest). If that is the case, then advertising for them and promoting them is forbidden; because that is from cooperating in sin and aggression, and Allah the Exalted says:
And cooperate in righteousness and piety, but do not cooperate in sin and aggression. And fear Allah; indeed, Allah is severe in penalty.
وَتَعَاوَنُوا عَلَى الْبِرِّ وَالتَّقْوَى وَلاَ تَعَاوَنُوا عَلَى الإِثْمِ وَالْعُدْوَانِ وَاتَّقُوا اللَّهَ إِنَّ اللَّهَ شَدِيدُ الْعِقَابِ
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.