It is not permissible to take an interest-bearing loan, even if the purpose is noble
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Question: Is it permissible to borrow from interest-bearing banks to compete with the missionaries, for the purpose of saving the children of Muslims from being Christianized, and so on?
Answer: If the borrowing involves interest, it is not permissible by the consensus of the Salaf of the Ummah, because the evidence from the Book and the Sunnah indicates the prohibition of it, even if the purpose is noble and honorable; because noble goals do not justify or permit forbidden means.
As for borrowing without interest, there is nothing wrong with it, but borrowing from others who are owners of wealth free from interest is more preferable, better, and safer if that is feasible. We advise you to cooperate among yourselves, and to borrow from good Muslim merchants, and to collect donations from them, in order to save the children of Muslims from the hands of the callers to Christianity, polytheism, and communism. This cooperation is obligatory upon you, O Muslims, in the state of Uganda and elsewhere, and it is part of the lawful jihad, and part of calling to Allah (Glorified and Exalted is He), and part of enjoining good and forbidding evil. We ask Allah for your assistance and success, and for the rectification of your intentions and deeds.
We advise your Muslim brothers in Uganda to cooperate with you in your noble work of spreading Islam and calling to it in the mosques and elsewhere, and to open Islamic schools for memorizing the Noble Qur'an and teaching it, and for teaching the correct Islamic creed, free from the impurities of shirk (associating partners with Allah) and bid'ah (religious innovation), along with teaching the Islamic sacred sciences.
May Allah make your affairs easy, and bless your efforts, and grant victory to the truth through you, and increase your helpers in good, and protect you and the Muslims from the evil of the callers to falsehood; indeed, He is Generous and Bountiful. And peace be upon you and the mercy of Allah and His blessings.
Answer: If the borrowing involves interest, it is not permissible by the consensus of the Salaf of the Ummah, because the evidence from the Book and the Sunnah indicates the prohibition of it, even if the purpose is noble and honorable; because noble goals do not justify or permit forbidden means.
As for borrowing without interest, there is nothing wrong with it, but borrowing from others who are owners of wealth free from interest is more preferable, better, and safer if that is feasible. We advise you to cooperate among yourselves, and to borrow from good Muslim merchants, and to collect donations from them, in order to save the children of Muslims from the hands of the callers to Christianity, polytheism, and communism. This cooperation is obligatory upon you, O Muslims, in the state of Uganda and elsewhere, and it is part of the lawful jihad, and part of calling to Allah (Glorified and Exalted is He), and part of enjoining good and forbidding evil. We ask Allah for your assistance and success, and for the rectification of your intentions and deeds.
We advise your Muslim brothers in Uganda to cooperate with you in your noble work of spreading Islam and calling to it in the mosques and elsewhere, and to open Islamic schools for memorizing the Noble Qur'an and teaching it, and for teaching the correct Islamic creed, free from the impurities of shirk (associating partners with Allah) and bid'ah (religious innovation), along with teaching the Islamic sacred sciences.
May Allah make your affairs easy, and bless your efforts, and grant victory to the truth through you, and increase your helpers in good, and protect you and the Muslims from the evil of the callers to falsehood; indeed, He is Generous and Bountiful. And peace be upon you and the mercy of Allah and His blessings.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.