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Tuesday, May 20, 2008

Borrowing Money from a Bank

Q: I borrowed money from the bank on my card without interest for a friend of mine, who promised to pay it back before the bank charges interest. Now if he don’t pay me back in time will I be sinful for the interest charged?

A: Indeed, you will be sinful because in spite of you taking out the loan for your friend, the deal was between you and the bank. You are responsible to pay back that loan to the Bank; hence any interest charged will be linked to your loan, not the loan of the friend. This is something one must think of in advance before taking a loan from banks.