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-   -   Interest (https://www.askmehelpdesk.com/showthread.php?t=690730)

  • Aug 5, 2012, 10:32 AM
    Shof1978
    Interest
    Salaam I want to open a business lending money to pupil ?
    If I charge a fixed price on the amount is it OK? For example £1000 I charge £100 so return to me is £1100 and doesn't matter if its for 5 days or 100 days etc
  • Aug 5, 2012, 12:30 PM
    Curlyben
    Before you even consider the religious angle, there are legal requirements that are far more important.
    In the UK you require a Consumer Credit Licence otherwise you are simply an illegal loan shark..
  • Aug 6, 2012, 07:09 AM
    Shof1978
    Salaam I want to open a business lending money to pupil ?
    If I charge a fixed price on the amount is it OK? For example £1000 I charge £100 so return to me is £1100 and doesn't matter if its for 5 days or 100 days etc
    What is on the religious angle?
  • Aug 6, 2012, 11:22 AM
    jenniepepsi
    Assalamu Alaikum.

    It is Haram to charge Interest.

    You can call it a fee, or whatever you want, but there are no exceptions. You cannot expect repayment for more than what was loaned.

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