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Can I Have a Loan for Investment?

07 September, 2017
Q As-salaamu `alaykum. I'm a trader from Egypt. My shop, on top of which is my house, is with my very next neighbor's shop form a complete apartment. He is intending to sell his share. If any other one bought this share, he will cause me much trouble. My problem is that I don't have enough money to buy this shop. Can I have a loan from the bank to buy it? If not, what do you advise me to do?

Answer

Wa `alaykum as-Salamu wa rahmatullahi wa barakatuh.

In the Name of Allah, Most Gracious, Most Merciful.

All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.


In this fatwa:

It is not permissible to take a loan from the bank to buy this shop.

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In his response to your question, Prof. Dr. Monzer Kahf, Professor of Islamic Finance and Economics at Qatar Faculty of Islamic Studies, states:

Dear brother, go to Faisal Islamic Bank for financing it, or go to family and friends.

Riba (usury) is one of the worst sins in Islam. It is the only one about which the Qur’an has declared a war from Allah and His Messenger. This question is in fact a kind of typical question where some people think it may justify violation of the rule. In fact, it does not at all, especially in Egypt where there are family and friends and Islamic banks.

Allah Almighty knows best.

About Prof. Dr. Monzer Kahf
Dr. Monzer Kahf is a professor and consultant/trainer on Islamic banking, finance, Zakah, Awqaf, Islamic Inheritance, Islamic estate planning, Islamic family law, and other aspects of Islamic economics, finance, Islamic transactions (Mu'amalat). Dr. Monzer Kahf is currently Professor of Islamic Finance & Economics at the Faculty of Economics and Management, Istanbul Sabahattin Zaim University, Turkey