What is the ruling of Islam on bank loans and what is their alternative, given the absence of an Islamic bank, and can an Islamic bank replace conventional banks in supporting the economy and investment?
Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 2026
Interest-free bank loans are permissible, whereas interest-bearing loans are clear usury (riba) and are impermissible except in cases of dire necessity. As for conventional banks, they cannot take the place of Islamic banks unless they abandon their forbidden transactions.
Summarized from the full answer at Ftawy · imported
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