Delaying repayment of a bank loan so that they will waive the interest

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?

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.

Shaykh Muhammad ibn Saalih al-‘Uthaymeen

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s