Can a person give interest free loans to poor and needy?
Querist :
Anonymous
(Querist) 22 July 2017
This query is : Resolved
One of my friend who is financially well settled is planning to give interest free micro loans to poor and needy in our locality from part of his savings. He is considering this as a social service and charity. So he don't want any return from it. He also planning to collect more funds from similar minded people to give out more interest free loans to needy persons. Here is my concerns; 1. Is it legal to provide interest free loans to others who are not relatives or friends? 2. Can he collect funds from others and distribute interest free micro loans?
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