Today we found an interesting image on Social Media. No doubt Vijay Mallya is a defaulter for about 7000 crores to the banks in India. But according to Islam, the point of view is different. Islam prohibits interest of all kinds. And according to this rule, Vijay Mallya is no longer a defaulter.
We have found this image on economic times. Source
- vijay-mallya-loan-debts.jpeg (57.11 KiB) Viewed 134 times
According to the banks, the total NPA (Non-Performing Asset) of Vijay Mallya was 6848 crores (this is the due amount). And adding interest, the total amount is Rs. 17,781 crores. Out of which, Vijay Mallya has already paid Rs. 10,814 crores. Hence according to the ruling of Islam, Vijay Mallya has already paid an excess of Rs. 3966 crores. The banks are still demanding an interest of 6967 crores.
Please note: We are only sharing an Islamic point of view. Vijay Mallya or any other Muslim who is a defaulter of interest, is still obliged to pay the due interest according to rules of Reserve Bank of India. However, they shall not be at fault in front of Allah.
Islamic Interpretation of the Case
In Islamic finance, only the principal amount (original loan) is owed. No matter how large the debt grows through interest, repaying more than the principal is unjust and considered haram (impermissible).
Based on the available data:
1. Principal: ₹6848 crores (due according to Islamic Principles)
2. Repaid: ₹10,814 crores
3. Excess (interest): ₹3966 crores (already paid beyond principal)
4. Additional interest demand: ₹6967 crores
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