The ruling on one who borrows money from a bank and leaves it with them to trade with it
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The ruling on one who borrows money from a bank and leaves it with them to trade with it
Now, transactions in banks, for example, I go to the bank and the bank lends me fifty thousand, for instance, and it remains with them; they participate in it, and there is an agreement between me and them. After four months, I return the amount. If I have made a profit, it is mine; if I have not made a profit, I bear the loss from my own pocket.
Do they trust you, meaning? They are lending me fifty thousand now, and it remains with them, for example, and after four months I return it. If there is a profit for me, [I keep it], and if there is a loss, I pay from my own pocket?
This is not permissible. But if you wish, and if the bank is truthful and deals in buying and selling, you give them fifty thousand, or more, or less, and they trade with it. The profit is between you two according to what you agreed upon, and the loss is upon you. This is if we know that the bank is truthful and actually buys and sells.
Now, transactions in banks, for example, I go to the bank and the bank lends me fifty thousand, for instance, and it remains with them; they participate in it, and there is an agreement between me and them. After four months, I return the amount. If I have made a profit, it is mine; if I have not made a profit, I bear the loss from my own pocket.
Do they trust you, meaning? They are lending me fifty thousand now, and it remains with them, for example, and after four months I return it. If there is a profit for me, [I keep it], and if there is a loss, I pay from my own pocket?
This is not permissible. But if you wish, and if the bank is truthful and deals in buying and selling, you give them fifty thousand, or more, or less, and they trade with it. The profit is between you two according to what you agreed upon, and the loss is upon you. This is if we know that the bank is truthful and actually buys and sells.