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Loans on Condition

Q: A fund giving out loans on the condition that the member deposits a certain amount of money in the fund where it has to be left for three to six months. At the end of this period, the member can take a loan equivalent up to double the amount he deposited. After the member pays off the debt, his money is returned to him. What is your view?

A: If depositing the money in the fund was under the title of loan for a particular period, on the condition that the fund grants him the loan, or lending him some money was made conditional on his depositing a certain amount of money in the fund, this condition amounts to riba and is, therefore, haram and invalid. However, both loan deeds are valid in principle.
 

906 View | 16-01-2012 | 03:52


 
 

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