Delaying repayment of a bank loan so that they will waive the interest
Question: 7840
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 Allah, and peace and blessings be upon the Messenger of Allah and his family.
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.
Source:
Shaykh Muhammad ibn ‘Uthaymeen
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