Can you please answer me, is gold loan is allowed in Islam. Is it riba when we take a gold loan. Somebody told that, sell your gold rather than make a gold loan ,becouse it is riba. Is there any truth in it. I am confused. This term riba is very confuced. I am from India , I wanted to start "sukanya samrithi yojana" scheme. Which is provided by the central government for out daughter belove 10 age. It is interest based savings scheme. But after hearing about riba ,I am afride ,and cofuced that is the term riba mentioned in Quran is interest or not. Most scholars in RU-vid strictly prohibit that not take any loan, not take any savings account, not take gold loan , all are based interest , it is riba etc... I am confused . Can you help me. Pls reply this comment.
