Is taking a loan also haram in Islam? Know the answer!!!
Is taking a loan also haram in Islam? Know the answer!!!
Any person needs to borrow money. Often people take loans to fulfill their needs of building a house or buying a vehicle. But is it easy for people who follow islam to take a loan? Let us know today in this article and if not, then how do people who follow islam borrow money?
Is taking a loan haram in Islam?
You will find more than half of the youth working in big cities who are paying EMI of some loan every month. Banks make their money from the interest received on these loans, but people who follow islam cannot take loans just like that. Actually, taking a loan is considered haram in Islam. In such a situation, when a person who follows islam has to take a loan, he takes a loan from an Islamic bank.
What are Islamic banks?
An Islamic bank is a bank that runs according to Sharia law. These banks are different from normal banks. The biggest difference between them is the interest. Actually, these banks do not charge interest from their customers after giving them loans. Along with this, if someone deposits his money in these banks, then these banks do not give them interest on that money. Whereas other banks give you interest on depositing money and take interest from you on taking a loan. Only those rules are followed in these banks which are correct according to Islam. In islam, usury is considered haram. That means you can neither take interest from anyone nor give it. Whatever money you take from these banks, you have to return that much and whatever money you deposit, you get back that much.