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Subject : Ruling on Interest-Free Loans Granted by the Islamic Bank to Teachers
Fatwa Number : 2854
Date : 11-11-2013
Classified : Usury (interest) &Loans
Fatwa Type : Search Fatawaa

Question :

What is the ruling on the agreement signed between the Jordanian Islamic Bank and the teachers' syndicate in which it is stipulated thatthe bank gives interest-free loans to teachers in return for depositing the syndicates' funds in this Bank?



The Answer :

All perfect praise be to Allah, The Lord of The Worlds, and may His peace and blessings be upon our Prophet Muhammad and upon all of his family and companions.

After checking the terms of the agreement, especially the stipulation mentioned in the above question, it turns out thatthe agreementcontains no violation of Sharia and there is no harm in the stipulation because it doesn't state that the syndicate has to open a bank account with a certain sum of money. Further, the party (the Syndicate) which is going to deposit the money is separate from the one (The teacher) which is going to borrow. Finally,the syndicate's funds come from the subscriptions given as donations. And Allah the Almighty knows best.






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