Is it permissible to borrow money from banks with usurious interest for doing some commercial work in buying…
Is it permissible to borrow money from banks with usurious interest for doing some commercial work in buying and selling homes, especially this is what is happening in America? Is it possible for my Christian partner to borrow such money in his name or in the name of the company with which I am a partner, and can I dispose of this money for the benefit of the company, then share the profit and loss?
Answer
In the name of Allah, it is forbidden if you are the one to pay the usury as mentioned in the question. However, it is permissible to buy an amount with a higher price as if you buy one thousand USD with an amount of a thousand and one hundred USD, provided that you pay it on installments where you deal with the other party verbally and he writes whatever he wants as per his laws. There is no problem on your side in this case. Allah knows best.
Source:alnajafy.com · alnajafy.com
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