Taking a Loan from the Punjab Chief Minister’s Interest-Free Loan Scheme
Financial Transactions,Loan,Taking a Loan from the Punjab Chief Minister’s Interest-Free Loan Scheme
Fatwa No : 89028
Taking a Loan from the Punjab Chief Minister’s Interest-Free Loan Scheme
معاملات / مالی معاوضات / قرض
Taking a Loan from the Punjab Chief Minister’s Interest-Free Loan Scheme
The Chief Minister of Punjab has introduced a loan scheme in which loans ranging from approximately 6 million to 30 million rupees are being provided without interest (zero markup). After loan approval, the bank charges only a registration fee of around 10,000 rupees. Whatever amount is taken must be returned exactly as it is, with no additional interest added. I want your opinion: is it permissible and appropriate to take a loan from this scheme or not?
الجوابُ حامِدا ًو مُصلیِّا ً
In the mentioned case, if indeed no interest or any additional amount is charged on the loan provided under the Chief Minister of Punjab’s loan scheme, and no penalty is imposed for delaying repayment beyond the fixed time, then taking a loan on zero markup (i.e., without interest) under this scheme is permissible, and there is no Shariah objection in it. However, the amount taken as ‘service charges’ must correspond to the actual expenses incurred for the registration process.
مأخَذُ الفَتوی
کمافی ردالمحتار: تحت (قوله كل قرض جر نفعا حرام) أي إذا كان مشروطا كما علم مما نقله عن البحر، وعن الخلاصة وفي الذخيرة وإن لم يكن النفع مشروطا في القرض، الخ (5/166)۔
محمد حمزہ منان عُفی عنه
دار الافتاء جامعه بنوریه عالمیه
Fatwa No 89028 Verify Now
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