You are here:

Islam/Interest

Advertisement


Question
Salaam brother
I wish to ask a question, I took a loan from a bank in 2005 however then took out another one in 2007. I paid the original loan however I was missold the product and therefore had to pay 1000 in charges. They have now paid me the money which I paid plus some interest. I wanted to ask if I could use the interest towards the interest I'm having to pay on the 2nd loan I took out.
I know that by taking the loans out I have sinned and I have repented since and pledge never to use this method again. It would be useful if u can use the interest against the interest I a having to pay As it will shorten the time I have left to repay.
I await your response
JazakAllah

Answer
Bismillahir-Rahmanir-Rahim (In the Name of Allah, Most Gracious, Most Merciful)

Assalmalaikum

Dear Sister,

To be on the safest side - Dont utilise the interest - pay your interest from your means and pray to Allah that you never need to approach conventional banks again for your needs.

--------------------------------------------------------------------

Its my duty to help those in need. You are free to ask as many questions as you like.

If you are not convinced or feel the answer did not address all your questions, pls write back immediately without any hesitation. Please do forgive me if there is an unexpected delay in replying.

rg
Ahmer

Pls spare some time and see these small video clips.


hijab
http://www.youtube.com/watch?v=qg3C1WpX3N8

which is the best religion - how to identify the true scripture
http://www.youtube.com/watch?v=hIcl0ZAF6ZU

why is islam the best religion - 15point explanation
http://www.youtube.com/watch?v=atOexGJC88U

love affairs & Islam
http://www.youtube.com/watch?v=B9xAj7Aeg-w

Riba
http://www.dailymotion.com/islamnatural

( Note: I am not a mufti, if you are in doubt or want 100% accuracy please verify the above hadith with an authentic personality. However I have not altered any hadith and presented it as and how it was found. May Allah forgive our mistakes from time to time...ameen.)

Islam

All Answers


Answers by Expert:


Ask Experts

Volunteer


Ahmer

Expertise

Solutions strictly from the Quran and the authentic Hadiths. ****** website www.islamnatural.com ****** Do pose your questions and see the difference in our answers.

Experience

Preaching Islam since childhood, and further gained commanding knowledge of almost every affairs of the religion though authentic books and attending lectures by notable scholars of Islam

Education/Credentials
Bachelors degree in Commerce, Diploma in Electronics Engg.

©2016 About.com. All rights reserved.