The Islamic personal loan is by definition a financing facility made available by an Islamic bank or an Islamic financing organization for the benefit of a Muslim borrower to finance his personal projects.
An Islamic personal loan has the main objective to enable the Muslim community to apply the principles of Muslim Sharia when it comes to a halal consumer loan that cover the purchase of goods and services.
An Islamic consumer loan when it is carried out in the context of the rules of Islamic finance must always be linked to a tangible good, that is to say that the financing is based on a non-speculative operation but based on a specific personal purchase.
Islamic personal loans cannot follow the example of consumer loans that are leading potentially to over-indebtedness and which is considered in the context of Sharia bank as haram or not permissible.
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