Question Summary:
Could you please refer my contract and advise about shariah ruling on this loan

Question Detail:

 
 I am living in Dubai, and took some loan from Sharjah Islamic Bank, 3 years ago with 3.79%  profit rate per year after cosulting some aalim.After reading islamic banking questions and answers i am worried.Could you please refer my contract and advise about shariah ruling on this loan.

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
Kindly submit the following information in order for us to issue a ruling accordingly.
 
1. Terms and conditions of contract
2. Shariah Concept and structure used
3. Shariah flow of funds
4. Do you have a fixed or variable rate on your financing?
 
And Allah Ta’āla Knows Best
Ismail Desai,
Darul Iftaa
 
Checked and Approved,
Mufti Ebrahim Desai.