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Resolutions of Iftaa' Board

Date Added : 02-11-2015

Resolution No.(72) by the Board of Iftaa`, Research and Islamic Studies:
“ Ruling on Charging a Percentage on Loans as an Allowance for Administrative Expenses and the Like “
Date: 18/9/1424 AH corresponding to 12/11/2003 AD.

 

Question:
What is the ruling of Islamic Sharia on charging a percentage on loans as an allowance for administrative expenses and the like?
Answer: All success is due to Allah.
The Board is of the view that giving cash loans up to (800)JDs without a guarantee and with charging 3% as a contribution and allowance for administrative expenses isn`t permissible because this percentage is considered usury. However, it is permissible to charge a specific sum in return for administrative expenses and as a contribution, whether the loan is big or small. And Allah knows best.

 

Chairman of the Iftaa` Board, Chief Justice, Izzaldeen At-Tamimi
Dr. Yousef Ghyzaan
Dr. Abdulsalam Al-Abbadi
Dr. Wasif Abdulwahaab
Sheikh Saeid Hijjawi
Dr. Mohammad Abu Yahia

 

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