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Can I get zero interest rate mortgage loan?

I work in Sweden with my family and we aim to buy an apartment. Due to religion constraints, I can only get zero interest rate loans. It's forbidden to get a loan with interest. Can JAK bank help me get such loans? I can move all my savings from SEB bank if that can help
Hossam Rapportera olämpligt innehåll


  • Since JAK started to give out loans, they have been called ”interest-free”, and the cost of the loan has been called ”cost of the loan” (lånekostnad). We are no longer allowed to do that due to a ruling by the Patent and Market Court. Accordingly, JAK changed the term “cost of loan” to “interest” which is the only term allowed by the law.

    How come JAK called itself ”interest-free” from the first place? Because we were of the opinion that the meaning of the word “interest” was that someone with surplus money lend them with the condition that the lender pays back a sum larger than the loan. This is the traditional definition of “interest”, used both by Christians and muslims. In islam this is called “riba”.

    How come JAK has charged a larger sum than the loan and still does? To cover actual costs and risks. Every bank, even the Islamic ones, have costs for staff, localities, risk management and more. Even an Islamic bank can calculate for a profit in order to develop their business and services. A charged fee/"interest" to cover all such things is not “riba”.

    It’s important for a muslim to fully understand the difference between the cost charged by JAK and the cost charged by other banks, as they are both called “interest”.

    In other banks, the interest is a mix of actual costs and costs to cover interest for savings, bonus programs for staff or CEO and dividends to shareholders.
    In JAK, the interest consists only of actual costs. JAK does not pay bonuses to staff or CEO and you cannot earn interest on your savings accounts.

    If you are a muslim, this means that although you will pay ”interest” on a JAK-loan, you are still not paying ”riba”!

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