Question ID: 28980
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I would like to start or buy a business, but most businesses require vast amounts of money. I may have 50% of the capital but would be forced to seek finance at an institution. On one previous occasion I have not had a positive response in financing my home from an Islamic Bank (Al-Barakah) as I did not meet their criteria. However, on the same criteria I was offered loans from Absa, Standard, Nedbank and FNB. It appears that these banks are more lenient in granting loans than the Islamic banks. If I want finance for the business they are prepared to assist me. What should I do? May I accept these loans with the intention of paying it off as speedily as possible?

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Asked on April 17, 2008 12:00 am
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Private answer
Tell them to fix:
a) The return owing amount.
b) The installments.
c) Duration of payments.
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Answered on April 17, 2008 12:00 am