Selem aleykoum, I would like to know if the investment in Loantech and the income generated by this site is halal?
here is the link of the site with the full explanation of their concept: https://loantech.top/system
knowing that what they say is not necessarily true, indeed, a blog article appeared recently saying that this site is a hyip
Assalaamu alaykum,
It seems that it is based on interest-based lending.
suddenly is the money collected by this site halal ?
Based on my initial review and limited overview, it seems that interest is involved.
Allah knows best
LOAN PLAN WITH
A STABLE STRUCTURE
LoanTech’s platform enables you to receive 3% Daily returns indefinitely with the possibility to withdraw up to 34% from the loan principal. The option to request any portion or all of the 34% loan principal will be unlocked on the 22nd day for each loan placed. This ensures high enough reward with fairly low risk of principal loss due to the short 22 days break-even timeframe.
That’s where the element of Riba potentially comes in.
Allah knows best