Delaying repayment of a bank loan so that they will waive the interest
Dear Brothers & Sisters,As-Salaamu-Alaikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)
One of our brothers/sisters has asked this question:
.If a person takes out a loan from the bank, if seven years go by and nothing has been repaid, they will no longer pursue repayment (i.e., the bank system will consider this loan to be a hopeless case), whereas if a person starts to repay the loan now, they will ask him for interest. So if he waits for seven years, they will not ask him for interest, just for the original money. Is it permissible to do this?
(There may be some grammatical and spelling errors in the above statement. The forum does not change anything from questions, comments and statements received from our readers for circulation in confidentiality.)
Check below answers in case you are looking for other related questions:
Praise be to Allaah.
We put this question to Shaykh Muhammad ibn Saalih al-‘Uthaymeen (may Allaah preserve him) who replied that if after seven years they will only take the original capital, then there is nothing wrong with this.
Whatever written of Truth and benefit is only due to Allah's Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength.
Recommended answers for you: