The Ruling on Borrowing from Interest-Based Banks
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Your Eminence! Is it permissible for a person to borrow a specific amount from an interest-based bank to build or purchase a house, given that he does not own a house and neither do his family? Is it permissible for him to borrow this amount?
Do they give him this loan with interest or without interest?The questioner: With interest.
The Shaykh: It is not permissible. However, if there are, for example, residential buildings that have been built and he purchases them from the builder for a price higher than the cost, there is nothing wrong with that.
Do they give him this loan with interest or without interest?The questioner: With interest.
The Shaykh: It is not permissible. However, if there are, for example, residential buildings that have been built and he purchases them from the builder for a price higher than the cost, there is nothing wrong with that.