Interest is not legal in Islam. It is said by our prophet that the one who follows interest and make interest their main follow, he/she will be in hell then. So, according to a Muslim world, these loans are not good and they cannot introduce loans without interest because with interest they will never earn and they will never be in benefit. Free loans, are only given privately. Well, if we talk about Muslim and Islamic bank, there are very selected banks who gives loans in free. Like there are very less banks. In those less amount HBL, Habib Bank Limited, Muslim Commercial Bank, National Bank of Pakistan and Ubl, United Bank limited, these banks are the only banks those gives you loans without interest, but only in some condition. Firstly, Islamic Bank was also offers free interest loans, but now they have changed their theory. HBL, is the good and the most successful bank of Pakistan. They are sponsor to many things, like recently this PSL is launching and that whole mega tournament is covered by HBL. So it is a great thing. For Pakistan, it helped in many ways. Many big personalities are the brand ambassador of this bank. Now MCB is also a good and their employers are really very relaxed because its branch are quite good and nice. National Bank of Pakistan, is also great bank and around 30+ branches are present in Karachi. Not only this, but it has also a personal cricket team. Like NBP team in which cricketers play and it is included in Quaid e Azam Trophy. UBL banks are one of the most great banks. And these all 4 banks are really very awesome in very face. It has a good display that it is sponsoring many teams many brands and they are well in their work. The main thing is that they have that ability to provide a free of interest loans to the people.
Such interest free loans are available all across world and various banks in our country have also started providing the interest free loans. Once such loans are provided these can be easily repaid later in life. Well, if we will go in the deep of banking, obviously neither me nor you will understand. But the rules are made by Pakistanis themselves, and these all traditions and rules of banking are adopted from Europeans. To be honest, Pakistan wants to make the banks which are interest free, but what will they do? I think they thinks that baking is not completes without interest. But Pakistan do not know that if they will work and came up with logics I know they can make the schemes and banking without interests. I can say that Europeans have a logic that how they can make their banks interest free, but you know their non-Muslmatic traditions they always follow, they cannot make their banks without interest as they can earn really very much from these interest. Apart from interests, students got affected from these loans, seriously! However if the student does not get the job she or he has relaxation up to the period he or she gets the job. So after his NO JOB status, how will he manage that loan price and how will he return it back? That’s why I say avoid loans.