Any person may need to borrow money. Often people take loans to fulfil their needs like building a house or purchasing a vehicle. But it is also easier for people who follow Islam to take a loan? Let us know today in this article and if not, then how do the people who follow Islam borrow money?
Taking loan is haram in Islam?
You will find more than half of the young people working in big cities taking loans every month. are paying EMI. Banks make their money from the interest they receive on these loans, But people who follow Islam cannot take loans just like that. Actually taking loan is considered haram in Islam. In such a situation, when a person following Islam has to take a loan, he takes the loan from an Islamic bank..
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What are Islamic banks?
An Islamic bank is a bank that operates according to Sharia law. These banks are different from normal banks. The biggest difference is that of interest. In fact, These banks do not charge interest from their customers after giving them loans. Along with this, if someone deposits his money in these banks, then these banks do not even give them interest on that money.. Whereas other banks give you interest on depositing money and charge you interest on taking loan.
Only those rules are followed in these banks which are correct according to Islam. Usury is prohibited in Islam. That means you can neither take nor give interest to anyone.. You have to return only the amount of money you take from these banks and you get back only the amount you deposit.
what are the rules?
Islamic banks have some special rules. The first rule among these is Mudarabah. This means sharing the profit and loss among themselves, i.e. if the bank makes a profit then it will share it with its customers and if it makes a loss then the customers will also have to bear the loss of the bank. The second rule is Musharafa. This means doing halal business to help each other. The third rule is Va’adiah. This means protecting money, i.e., protecting the money deposited by customers in banks..
The fourth rule is Murabah. It is a type of sales contract. In this, both the buyer and the seller agree to pay a price higher than the market price for the goods being sold.. The fifth rule is Izra. Ijra means leasing out an immovable property. This is the biggest source of income for Islamic banks.
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