If a person borrows from an interest-based bank and then repents, but does not have enough to repay the loan in cash, is there anything required of him?
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The questioner : Your Eminence, I came from Kuwait with some of the brothers to visit you for the sake of Allah, and we have some questions. Would you permit us?
The Shaykh : We permit you to ask one question.
The questioner : One question?
The Shaykh : Yes, or after the 'Asr prayer, if Allah wills, when I am leaving the mosque, you can ask. One question here.
The questioner : A person borrowed from an interest-based bank, taking out an interest-based loan, and then repented to Allah. The bank continues to deduct a monthly amount from his salary to repay the loan he took, and he does not have the means to pay off the remaining balance of the loan. He wants to end the transaction with the bank. Is there anything required of him to continue paying these installments until they are finished?
The Shaykh : It is obligatory for him to disavow this riba (usury or interest), because the Prophet (peace and blessings be upon him) cursed the one who consumes riba and the one who lends it, to the extent of his ability. He should either borrow from his brothers and friends and pay off the bank so that the riba is dropped. 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, but as far as I know, the banks do not agree to this; they want their right.
The questioner : Yes, but he, O Shaykh, cannot exit the bank and turn away from it except after repaying the loan that is upon him.
The Shaykh : Yes, he should borrow from his brothers and friends and pay it off.
The questioner : May Allah reward you with good.
The Shaykh : Yes.
The Shaykh : We permit you to ask one question.
The questioner : One question?
The Shaykh : Yes, or after the 'Asr prayer, if Allah wills, when I am leaving the mosque, you can ask. One question here.
The questioner : A person borrowed from an interest-based bank, taking out an interest-based loan, and then repented to Allah. The bank continues to deduct a monthly amount from his salary to repay the loan he took, and he does not have the means to pay off the remaining balance of the loan. He wants to end the transaction with the bank. Is there anything required of him to continue paying these installments until they are finished?
The Shaykh : It is obligatory for him to disavow this riba (usury or interest), because the Prophet (peace and blessings be upon him) cursed the one who consumes riba and the one who lends it, to the extent of his ability. He should either borrow from his brothers and friends and pay off the bank so that the riba is dropped. 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, but as far as I know, the banks do not agree to this; they want their right.
The questioner : Yes, but he, O Shaykh, cannot exit the bank and turn away from it except after repaying the loan that is upon him.
The Shaykh : Yes, he should borrow from his brothers and friends and pay it off.
The questioner : May Allah reward you with good.
The Shaykh : Yes.