A fund gives out loans on the condition that the member deposits a certain amount of money in the fund where…
A fund gives out loans on the condition that the member deposits a certain amount of money in the fund where it has to be left for three to six months. At the end of this period, the member can take a loan up to double the amount he deposited. After the member pays off the debt, his money is returned to him. What is your view?
Answer
If depositing the money in the fund was under the title of loan for a particular period, on the condition that the fund grants him the loan, or lending him some money was made conditional on his depositing a certain amount of money with the fund, this condition amounts to ribā and is, therefore, ḥarām and invalid. However, the very loan deed is valid for both parties.
Source:leader.ir · leader.ir
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