Interest Free Loan

Fruit_and_Nut_Case

Zeus28 wrote: »

Comments were try to borrow from family. Either parents or close relatives. Another option was to save the money up. Unfortunately both of these ideas would not work for me. My parents do not have enough money to provide me the loan and saving up would take too long for me to acquire the £10K. I need the money asap.

You haven't given much background about your religion or what you want to use the loan for. Looking at your username would I be correct in thinking you worship Zeus? Do you, perhaps, want to travel to Mount Olympus? If you were a little more open we might be able to give some advice.

Zeus28

I am a muslim and follow the religion of Islam. Dealing with interest is forbidden in Islam. It is a major sin. I need the money to pay off some debt to someone. They want the money as soon as possible. Hence the urgent need to get money as soon as I can preferably interest free.

CLAPTON

Zeus28 wrote: »

I am a muslim and follow the religion of Islam. Dealing with interest is forbidden in Islam. It is a major sin. I need the money to pay off some debt to someone. They want the money as soon as possible. Hence the urgent need to get money as soon as I can preferably interest free.

when you attended Friday prayers today, what did the other people say about your request for free money?

Zeus28

I did not mention it to anyone at the Friday prayers. Usually on Friday I go the prayer at the mosque, pray then just leave the mosque. I do not do any socialising there.

CLAPTON

Zeus28 wrote: »

I did not mention it to anyone at the Friday prayers. Usually on Friday I go the prayer at the mosque, pray then just leave the mosque. I do not do any socialising there.

best to change your habit and ask the people that will know the answer to your question: I'm sure they will be helpful

FireWyrm

No one is going to give you interest free loan in this country. Full stop. Even the notionally 'interest free' loans mentioned actually charge interest, they just call is something else and such loans come with a set of dark glasses so you can pretend to not see what is right in front of you.

No one will give you £10,000 quickly, let alone interest free. It simply isnt going to happen.

BillJones

Zeus28 wrote: »

There must be somewhere I could get £10,000 as an interest free loan. Any suggestions would be most helpful.

Why must there be? This is like saying "there must be a company lending BMWs free to young urban gentlemen who prefer not to be seen in the Hyundai that is all that they can afford.

As others have pointed out, if you don't really mean "interest free", but instead want the interest called something different to keep Muhammad happy, then there are Islamic lenders who'll charge you far more than is otherwise normal, and set it up so that Mo will still smile on you.

If you really don't want to pay anything, though, it's not going to happen.

Fruit_and_Nut_Case

Zeus28 wrote: »

I am a muslim and follow the religion of Islam. Dealing with interest is forbidden in Islam. It is a major sin. I need the money to pay off some debt to someone. They want the money as soon as possible. Hence the urgent need to get money as soon as I can preferably interest free.

Thank you for the info.

I don't know how many Muslims use MSE but I suspect they are vastly outnumbered by Infidels. Would you trust information supplied by a Jew, a Christian or - wait for it - an Atheist like me? We are probably all sinners in your eyes.

If you don't want to ask one of your fellow-believer acquaintances directly, why not ask on an Islamic forum?

redpete

Zeus28 wrote: »

I am a muslim and follow the religion of Islam. Dealing with interest is forbidden in Islam. It is a major sin. I need the money to pay off some debt to someone. They want the money as soon as possible. Hence the urgent need to get money as soon as I can preferably interest free.

The few minutes' worth of research I've done shows that Sharia-compliant finance (loans) involve the 'lender' buying a property or product and renting it to the 'borrower' at a set rate for a set time. In your case there is no property or product so I don't see how these principles can apply.

There is no business that offers 'interest free loans'. Even 0% credit card deals (and you would really struggle to get one with a possible balance of £10000) charge a fee for the transfer - is that sharia compliant?

chesky

I just googled sharia banking and the Islamic Bank of Britain came up - have you tried them?