Are loans provided by the bank at an 8% interest rate, which is stated to be simple and from grant funds, considered usurious and unlawful according to Islamic law?
Source: FtawySummarized from the full answer at Ftawy · imported Sep 2, 2026
As long as the bank lends at an 8% interest rate, it is an usurious loan, which is forbidden by the consensus of scholars, whether the interest is compound or not.
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/37013
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- 37013
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