Bank loan without riba
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Fatwa number ( 6941 )
Q: I inform your eminence that I took a loan from one of the banks, not from the Real Estate Development Bank, and the amount was thirty thousand riyals. The bank gave me a sum of twenty-eight thousand riyals, and I used this amount to build my own house. I asked about this matter after the construction, not before, and the response was that it is not permissible, and that taking the loan from a bank other than the Real Estate Development Bank is not permissible. Please inform us, your eminence, may Allah reward you: Do I have to demolish the house we are currently living in, which I built with the aforementioned money that I took from a bank other than the Real Estate Bank, and this money is riba? I am deeply regretful of what I did; I did not know about it until after the house was built. Should I leave my matter to Allah (Glorified and Exalted is He)? Please inform us about this matter; what should I do in this case?
A: If the situation is as you described, then the loan you obtained in this manner is forbidden; because it is riba. You must repent and seek forgiveness from Allah for it, regret what happened on your part, and resolve not to return to such a thing. As for the house you built, do not demolish it, but benefit from it by living in it or otherwise, and we hope that Allah will forgive you for what you have neglected. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: I inform your eminence that I took a loan from one of the banks, not from the Real Estate Development Bank, and the amount was thirty thousand riyals. The bank gave me a sum of twenty-eight thousand riyals, and I used this amount to build my own house. I asked about this matter after the construction, not before, and the response was that it is not permissible, and that taking the loan from a bank other than the Real Estate Development Bank is not permissible. Please inform us, your eminence, may Allah reward you: Do I have to demolish the house we are currently living in, which I built with the aforementioned money that I took from a bank other than the Real Estate Bank, and this money is riba? I am deeply regretful of what I did; I did not know about it until after the house was built. Should I leave my matter to Allah (Glorified and Exalted is He)? Please inform us about this matter; what should I do in this case?
A: If the situation is as you described, then the loan you obtained in this manner is forbidden; because it is riba. You must repent and seek forgiveness from Allah for it, regret what happened on your part, and resolve not to return to such a thing. As for the house you built, do not demolish it, but benefit from it by living in it or otherwise, and we hope that Allah will forgive you for what you have neglected. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.