The Ruling on Repaying an Interest-Based Loan
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A person took out an interest-based loan from an interest-based bank, then Allah turned him to repentance. The bank continues to deduct a monthly amount from his salary to pay off the loan he took, and he does not have the cash to settle the loan. He wants to get out of the bank. Is he required to keep paying until the loan is finished?
It is obligatory for him to disavow this interest, because the Prophet (peace and blessings be upon him) cursed the one who consumes interest and the one who lends it. To the extent he is able, he should either borrow from his brothers and friends and pay the bank in order to eliminate the interest. The important thing is that he manages his affairs. If that is not possible, let him strive to resist the bank in taking this increase. However, as far as I know, banks do not agree to this; they want their right.
The questioner: But, Shaykh! He cannot get out of the bank or transfer away from it except by paying off the loan he owes.
The Shaykh: He pays it off by borrowing from his brothers and friends and paying it.
It is obligatory for him to disavow this interest, because the Prophet (peace and blessings be upon him) cursed the one who consumes interest and the one who lends it. To the extent he is able, he should either borrow from his brothers and friends and pay the bank in order to eliminate the interest. The important thing is that he manages his affairs. If that is not possible, let him strive to resist the bank in taking this increase. However, as far as I know, banks do not agree to this; they want their right.
The questioner: But, Shaykh! He cannot get out of the bank or transfer away from it except by paying off the loan he owes.
The Shaykh: He pays it off by borrowing from his brothers and friends and paying it.