ISLAMIC LOAN WITH POOR CREDIT SCORE

ISLAMIC LOAN WITH BAD CREDIT

An Islamic loan for bad credit would in theory be aimed at a borrower whose credit score is bad to allow him to access funding that is in accordance with Islamic Sharia.

Halal financing with a poor credit score is a pure contradiction of Islamic finance which rejects any over-indebtedness based on usurious interest rates prohibited by Islamic sharia.

The very principle of Islamic finance is to prevent a borrower from becoming over-indebted by accumulating debts or by replacing debts with new financing.

In the event that a Muslim borrower faces a bad credit score, he will first have to clean up his financial situation before applying for financing based on Islamic finance.

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