As Eid approaches, many Muslims face a growing temptation: taking out a bank loan to cover festive expenses. Preparing meals, and giving gifts to loved ones—these costs push some to consider credit. But what does Islam say about this?
The Prohibition of Riba (Bank Interest)
Islam strictly forbids riba (usury or interest), which is considered unjust exploitation and a disruption of economic balance. Allah says in the Qur’an:
« O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers. And if you do not, then be informed of a war [against you] from Allah and His Messenger. »
(Surat Al-Baqarah, 2:278-279)
The Prophet Muhammad (ﷺ) also cursed those who engage in, record, or witness riba-based transactions. This consensus clearly shows that bank interest is forbidden, and Muslims should avoid it, even under financial pressure.
Islamic Alternatives to Bank Loans
Faced with this dilemma, Muslims who wish to adhere to their faith can consider several solutions:
- Saving and Planning Ahead
- Setting aside money in advance to avoid relying on credit.
- Interest-Free Loans (Qard Hassan)
- In the spirit of Islamic solidarity, a relative or an organization may offer an interest-free loan to someone in need.
- Islamic Banking
- Many financial institutions offer Sharia-compliant financing based on profit-sharing or investment models, such as Murabaha or Mudaraba.
- Living Within One’s Means
- Eid is a time for spirituality and togetherness, not excessive spending. It is best to maintain a simple lifestyle within one’s financial limits.
Eid, a Time for Faith, Not Debt
Eid should remain a spiritual and family-oriented celebration, free from financial burdens and unlawful debts. Instead of giving in to the temptation of interest-based loans, it is wiser to seek alternatives that align with Islamic principles and practice mindful spending.
May Allah make this Eid blessed and debt-free for all Muslims. Eid Mubarak!
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