Q: On hanbali fiqh I got a zero percent interest loan for 2 years. would it be permissible to opt for such a loan? Some local scholars i discussed with a while back in XXXX (location name withheld) have made it clear that a riba contract is haram. So how would you rule? Can u give me an explaed answer. Thnak you
Time: Sunday February 21, 2010 at 5:31 am
A: There are multiple things that must first be observed:
- At the time of taking out the loan you must have the ability to pay back the loan without defaulting upon it within the given interim (i.e. 2 years)
- At the time of taking out the loan you must have a firm determination and have also taken the necessary precaution to ensure payment of this loan within the stipulated time period without it incurring interest
- At the time of taking out the loan, you are honest with relation to your ability to pay.
The above criteria would make your loan permissible
Allah Certainly Knows Best.