Madinat al-Muslimeen Islamic Message Board
| student loans [halal?] |
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| Anonymous |
| 10/02/01 at 14:17:32 |
| I am a first years student at univercity and need some advice on taking a student loan in the u.k. could anybody give me some clear and qualified advice on this matter as time is running out |
| Re: student loans [halal?] |
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| Anonymous |
| 10/03/01 at 01:33:57 |
| At least in the USA, student loans carry heavy interest payments. I don't believe that it is otherwise in the UK. We all know the deen's commandanments regarding those who partake in the business of interest. Therefore, please find alternate means of financing your studies. Since you have been warned beforehand, you will be held entirely responsible on the day of the judgement for the decision you make right now. |
| Re: student loans [halal?] |
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| proudtobemuslim |
| 10/03/01 at 02:03:41 |
| Assalam-u-Alaikum, Just now that there is adifference between interest rates and administrative charges. Problems such as these financial issues truly require scholarly input because there are just far too many variables. Wassalam-u-Alaikum, Uzer |
| Re: student loans [halal?] |
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| Barr |
| 10/03/01 at 04:16:11 |
| Assalamu'alaikum, Someone mentioned to me about some halal loans without interest set up by some Muslims, but I need to check that out, inshaAllah. But if U urgently need some cash, maybe you can use the overdraft services that the banks offer. The overdraft limit usually increases each year till the year that you graduate. The best part about the overdrafts is that it is interest free as long as you spend within the overdraft limit and you can pay them back after you have graduated. Under HSBC, once you graduated, they'll extend your overdraft limit to 1500 pounds up till a year. So, inshaAllah, that's some money that you can use, while you work to pay them up without interest. I hope this helps. Are U a home or an international student? Take care, and all the best, inshaAllah. wassalam :-) |
| Re: student loans [halal?] |
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| Anonymous |
| 10/03/01 at 21:59:32 |
| assalaamu aleikum thanks for the sugestions, i will visit HSBC and talk to them.I am a home student in london, i am still unsure on a few points please bare with me on this one...... Does a student loan have to go through your local council? Can anyone explain what RPI Retail Price index is? Interest based on inflation, please explain If anyone has been through this same thing before and went to a shiekh who explained to him with evidence please tell me the outcome it would be so helpful for me from a confused student in london jazak ALLAH Khayr |
| Re: student loans [halal?] |
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| haaris |
| 10/04/01 at 04:22:57 |
| [slm] Insha Allah I will answer some of your questions. [quote]Can anyone explain what RPI Retail Price index is?[/quote] The RPI (or Retail Price Index) is a government-sponsored measure of how much the cost of living increases year on year. In effect it is a measure of inflation. Put simply, the government compares how much a theoretical "basket" of goods costs today and compares it with the results of a similar test last year. The differences in prices are expressed in relation to the base year (sometime around 1977?) which is 100. [quote]Interest based on inflation, please explain[/quote] Exactly what is meant by this will depend on the context of the agreement but the most likely meaning is that the rate of inflation will be x per cent. above the rate of inflation from time to time. That way, even in times of high inflation the lender (the Government) does not lose out on the value of the money it lent you. You do. And Allah knows best. |
| Re: student loans [halal?] |
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| NewJehad |
| 10/04/01 at 09:56:08 |
| Islam is simple. riba is harram. if a loan results in you paying more then you take it is harram. student loans are intrest loans. but they do have intrest. If you cant pay for your education in a hallal way, do some thing else. rizak does not come from a degree,, it comes from Allah. I'm shore if you look hard enough you will find people who will bend facts to make it Hallal for you, but you will find the same for any issue. I dont think there is any thing Allah has made Harram, that people have not tride to legalise. So just stick to what is clear, riba is harram and no one can make it hallal. If you borrow money and you give back more money as a condition of the contract, that is riba, and nothing can change it. |
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