Taking an interest-bearing loan from the bank to build a house
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The fourth question of Fatwa No. ( 3626 )
Q4: What is the ruling in Islam regarding taking a loan from banks with interest to build a modest house ?
A4: It is forbidden to take a loan from banks or others with interest, whether the loan is taken for construction, or for consumption in food, clothing, or expenses
for medical treatment, or whether it is taken for trade and to profit from its increase, or otherwise; due to the generality of the verses prohibiting interest, and the generality of the hadiths indicating its prohibition, as it is also not permissible to deposit money in banks or the like with interest.
Q4: What is the ruling in Islam regarding taking a loan from banks with interest to build a modest house ?
A4: It is forbidden to take a loan from banks or others with interest, whether the loan is taken for construction, or for consumption in food, clothing, or expenses
for medical treatment, or whether it is taken for trade and to profit from its increase, or otherwise; due to the generality of the verses prohibiting interest, and the generality of the hadiths indicating its prohibition, as it is also not permissible to deposit money in banks or the like with interest.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.