Bank loan with interest
I am homeless in my country and staying in rented house. Now I have decided to take loan from the Commercial Bank in Qatar. My company issued guarantee letter for me. I submitted all the documents to bank. The only thing is to sign the agreement. My salary is 8000/- around. The bank gives loan around 65000/- qr. The loan is mandatory for me as I indented to buy land for building my own home. I have a little savings and I can buy the land only after 2 years of my earnings. If I buy the land after two years, the rate of land per cent will be three fold higher than the current rate. So to avoid such a big loss, I have applied for loan. But my main concern is the interest that Islam prohibits. Many of my friends advise me not to take loan from bank because of interest. So I tend to get the loan on mandatory condition.
In this regard I want to ask any learned scholar of Islam that it is permissible to get loan from bank. If
not, could you please suggest me any Islamic banks in Qatar or any trust that gives interest free loan ?
I can repay the loan around 3500/- Qrs. every month. And what security they need from me? Kindly let me know.
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there is no islamic bank....only the way of taking the interest is different .......example... if you are working in an organization and your attitude is not matching with your immediate boss then you cannot survive in that company... it is same .... interest is haram in our religion islam.. how you or we can survive which is only war against Allah ......
try to understand ...i understood this very late and got a lot trouble with this interest loan....
my advice is that better wait for 3 years ... and save money and then take your home by your own without any credit... when i was in doha initially i did the same and took 150k QR loan from CBQ for home purpose and i am looser if i calculates now .....i paid almost a lot extra for the benifit of what.... this is only craze to get property asap but this thinking is not long-lasting..........
So dont go for this ....its a horrible..i have been in this desease last 6 years and still i need to pay more than half..........
Qatar Islamic bank and other bank gives only loans to such company which are enlisted, like Barwa, QP Rasgas..etc..
You can take laon and pay interest and pay charity and sadqa to compensate.. if there is no other option...
service charge, or interest just to give it a other name,. a bank is a comercial institute,. the only way wy the lent money is to make more money hence the charge cost,. either interest or service cost.
my advise go by the cheaper option,. wy pay high service cost if you can get the same amount of money for a lower interest rate,. its your money you should keep as much for your self as possible instead of "giving it" to a bank
Go with the suggestion of smveera.
Bank loans has great interests but we still get loans to pay our bills.
Kindly contact QIB, Barwa, Misraf Al Rayyan. They only need your salary to be transferred. They will take service charges no interest. What they will do is buy some goods under your name from Qatar Share Market. This is allowable. However, if you take a loan from any Islamic bank you will pay service charges of around 3.3% per annum and this is made according to islamic law. When initially you take a loan the service charge will be around 6% and it keeps on reducing with your final payment.
Regards - Mohamed