collective debts
Salaam, I have over the years collected various loans with interest, now I have a very difficult time paying all the invoices and I wonder if I can apply through the bank for a collective loan for all loans so that I only have one interest and loan. I have tried to find other alternatives but the sum is so high that I have not succeeded. I’m also wondering if I can add a co-applicant to increase my chance of getting the group loan granted, I will pay off the loan and its interest as soon as possible but the person should just be as a security, is that haram for this person? without a co-applicant, it is 95% that I am denied.
Hāmidan Wamuswalliyan
Al Jawāb Bi’ounillāh Wa’Alayhi at Tuklān.
Interest is Harām and Almighty Allāh strictly warned those who involves in such act.
Allāh has permitted transactions and has forbidden Ribā” (Sūrah Al Baqarah Verse 275)
The Prophet of Allāh (Sallallāhu alayhi Wasallam) has cursed the person who takes interest, who gives interest and who writes it and who witnesses it.” (Al Mishkāt Al Maswābīh Page 244 Vl 1)
“To take a Dirham of interest knowingly is worse than committing adultery 36 times.” (Al Mishkāt Al Maswābīh Page 246 Vl 1)
First and foremost you should repent sincerely from the major sin of interest, and try your level best to pay off this usurious loan as quick as humanly possible.
Spend less on other things, economize in other areas of your life, and pay off this loan as soon as possible. Don’t venture into taking a loan base interest again but rather take a (interest-free) loan from a family member or a friend and pay off the usurious loan, then you should do that.
May Allāh Almighty ease your way to Halāl.
Allāh Almighty knows best.
Mufti Mohammad Ashhad bin Saeed Al Mahmūdy.
Dāruliftaa Mahmoodiyyah Mauritius.
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