are fixed interest rate loans halal?

hmm actually its not halal to get a bank loan period. This is because they deal with interest

ugh, i read it somewhere, cant believe i forgot the site, hmm if you email me i can get it for you .. but nywho, it said that you should not buy a house on mortgage because it is a loan, and the bank does business with interest. Interest -- taking it and giving it is harraam.

If I find the site I will get back to you, If I dont get back to you, I have probably forgotten, and you will need to email me ..lol

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RE :Are fixed interest rate loans halal?

please let me know if you know any fatwas concerning this.

definition:

a fixed interest loan : A loan or mortgage with an interest rate that will remain at a predetermined rate for the entire term of the loan.

2 following 7 answers

Peace

Yes, a fixed interest rate loan is haram..

As it says in the Quran, "those that take riba will be ruined.."

Any loan from a bank is haraam..Even the Islamic Bank Of Britain,because where do you think the bank gets the money from in the start?its from interest plus bank of england.

Peace

As with any thing else in life one should be guided by basic morality.

It is quite fair to pay or receive conventional reasonable rate dictated by market forces.It is certainly Haram or unethically in any religion to under false excuses charge exorbitant rates as it is being done by credit card co. in US.

There are many money lenders who have a heart and even when the contract terms are broken due to poor circumstances they work with the borrowers and even completely forgive the loans Unfortunately many religious people refuse to see common sense and some thing is either black or white with no other consideration

Hi.

I am Susan and i saw your question about needing a loan,In the internet they are alot of scams out there.I decided to answer your question to prevent you being scammed.

I got a loan of $150,000 from an agency online and i was lucky not be scammed.

Contact them at email:globaly_aquinted_org@rocketmail.com/thomashanks63@yahoo.com interest rate of 0.2% is simply great.they use a yahoo email account on our request because its makes contacting them easier

There is nothing in normal banking violates the rules of Islam, Interest payments are NOT considered Haram for reasons i can explain to you if you are faliliar with economic & business concepts, it's basically related to the concept of purchasing power & inflation.

As for Islamic banking it's not different from Normal banking by any means, you can use it, if you are not convinced, so there are current accounts at every bank that pay no interest on its deposits !!

I personally think its fine, but i tried to convince some people that know islam well and are open-minded and I haven't been successful, so i still avoid it.

If inflation existed back then, it wasn't on the same scale it is today.

I think the point was so one doesn't make money a profit from helping someone in need.

But yeah, if you need $10,000 and i gave you that....its not fair to me to only get $10,000 back in 5 years.....I'd prefer not to help people out.

thx for the replies, very much appreciated