Those Who Study Torah Sustain the Entire World
In Chapter 1, verse 31: “And there was evening and there was morning, the sixth day” — there is a
I have a student account at the bank, so my interest rates are low. A friend asked me to take out a loan for him, and he will repay it, including the interest. Is this considered as though he is borrowing from me, requiring an heter iska between me and my friend, or may we rely on the bank’s heter iska?
You must arrange a separate heter iska with the friend who is borrowing from you, even though you have a heter iska with the bank. From the bank’s perspective, you are the borrower, since the loan is registered in your name; thus, you are lending money to your friend with interest. However, if, before you take out the loan, your friend asked you to obtain a bank loan on his behalf and explicitly stated that he accepts all the obligations that you will incur, and that the heter iska you arrange with the bank will also apply to him, then you become his agent, and the two of you do not need a heter iska between yourselves.
PLEASE NOTE*
Attention: You should not learn from one case to another, each case must be analyzed individually. Generally speaking, it's always best to have contact with a Rabbi in person, not just virtual contact. Note that where there is a local Rabbi("Mara Deatra"), one should ask him. The answers are under the responsibility of the rabbi who responded, and not under the responsibility of the website and/or the Head of the Institution.
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