Question
1. is it permitted in islam to lend money to non-muslims who are in need of money? they might use it for things that are not permitted in islam.. is this ok?
2. i am planning to buy a car. i wont be able to pay the full price of the car all at once. So i am planning to go for a loan from an islamic bank. I have heard that they operate according to the sharia’ah. Can you please explain in brief, how taking a loan from an islamic bank works.. and whether it is completely permissble in islam,according to all jurists. I live in dubai and would like to know if ‘Dubai Islamic Bank’ is reliable for islamic finance
3. i have heard of islamic investment bonds.. pls go through this site.. www.nationalbonds.ae it is an investment opportunity claiming to work under shariah. pls confirm if it is permissible and how it works.. they are offering huge prizes every month for bond holders.. so i am afraid that it might be haram.
Answer
Muhtaram / Muhtaramah
In the Name of Allāh, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh.
1.
It is permissible to lend money to non-muslims, on condition one does not know that the money will be directly used for a clear wrong according to shariah. In that case, the loan will fall in the category of assisting in sin which is prohibited. (Fatawa Mahmudiya 546/19 Jamia Farukiya)
2.
When taking a loan from a bank which is shariah compliant to purchase a particular commodity, the bank buys the commodity from the original seller, adds an appropriate profit, then sells it onwards to the customer and retains its total price in instalments. (Contemporary Fatawa 291 Idara-e-Islamiat)
With regards to Dubai Islamic Bank and islamic investment opportunities mentioned on the site www.nationalbonds.ae, we are unable to pass a ruling without knowing the exact contents of their contracts.
And Allah knows best
Wassalam
Darul Iftaa, Madrassah In’aamiyyah
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