Bounce Back Loan Query
I took a bounce back loan which was interest-free for one year, with the full intention of repaying it within the year. However, no one envisaged that there would be multiple lockdowns and because of this it is not going to be possible for me to repay within one year and I will end up paying interest. What should I do? Will I be sinful?
بسم الله الرحمن الرحیم
Paying interest is a sin. Therefore, you must make every effort to repay the loan before the interest-free period ends. If you are unable to do so, you must seek Allah’s forgiveness and make every attempt to pay it off as soon as possible.
Allah knows best
3 Rajab 1442 / 15 February 2021
Approved by: Mufti Shabbir Ahmed and Mufti Muhammad Tahir
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