Mohammad Abdul Jalil asked:

Assalaamu alaikum. I am from Bangladesh. I want to start an non government organisation(NGO) in my local area, according to islami shariah.For this reason I need a financial help.You can give me any information,so that I can get free loan.

Islami Bank of Bangladesh
The Islami Bank tower in Bangladesh

Answer:

Wa Alaikum as Salam,

I looked for information on banks that provide interest-free loans in Bangladesh. I could not find any bank that provides loans for business; even non-profit businesses for that matter. I also tried to contact various Islamic banks, but none of them provided any valuable information.

You could look for investment products that are based on the sharee’ah. These include mudarabah, musharakah and murabahah. There are other products as well. These work on investment or partnership basis, where the bank would provide you the finance and you will have to offer a percentage of the profit as the return. There are guidelines and limitations to this, which you can read in the articles that discuss these products.

Many banks also offer investment schemes for small businesses. You could consider these for options. Islamic Banking has this product called Qard (Loan), which many major Islamic banks in the world offer. I am not sure if any Islamic bank in Bangladesh offers it.

You may visit Islamic Banks in your are and enquire about such products. We would be interested in knowing their responses. So, we request you to let us know what they say. For your reference, here is a list of Islamic Banks in Bangladesh.