As was mentioned, the shari’ah is based on the reality and not names. You can see the following pages for more information: UK Muslims lobbying and coming to agreements with government for shariah-compliant student loans: http://www.1stethical.com/wp-content/uploads/2012/06/alternative-finance-provision-statement-21st-June-2012-1.pdf Assalamu alaikum warahmatullah wa barakatuh. Gazakom alahu khayran, Assalamalaykum warahmatullahi wabarakatuh, I’m a Muslim brother living in Canada and i’m currently in Gr.11 thinking strongly about my future if God wills. May Allah Ta’ala grant you and us the correct understanding of Deen. Well said brother we request our scholars to please let the harram remain harram fiding loopholes will not make it halal, Asalamoalikum, it’s a great fitna by dr Sajid. I do not want to go for OSAP due to interest issue. Our Islamic … There are plenty who are at least hesitant, if not burdened, with the prospect of participating in an interest-based loan transaction. Loans are only possible because of donations! This profit is only possible if riba is involved. Those who do taqleed on four madhab will never fall for these kind of harram, This fatwa is equally bad to those who claim mortgage is halal not riba it is something else, This fatwa easily fails mufti faraz fatwa of sheikh haitham last fatwa which was equally wrong Although, now that you mention it, we may actually have some data on this from our panel survey which does ask about religion. This is what happens when they focus more on taking Haram pictures to focus on how handsome they can look. And there are plenty more who, if they had the choice, would choose the shariah-compliant loan as opposed to an interest-based loan. The “profit” (as opposed to interest) will still go back to the government, or whoever the issuer of the loan is. I’d like to see some more of your data, and your research methods. October 23, 2016 at 1:34 AM How i got my Desired Loan Amount from a Reliable Loan Company called Adolf Alex Loan … Related. You might not be aware but for Muslims, interest is haram (forbidden). It is also true that it is a maxim in fiqh that “Every benefit derived from a loan is riba”, and money on top of money is a clear type of “benefit”. If you can help me in getting Islamic Loan then please mail me at ranaimran82@gmail.com. I do think it’s a misleading statement – because it omits the many who do care, and who would benefit from and utilize such loans. in regard to your specific point about how students interpreted the question, I do think it’s safe to say that the students didn’t assume the loans would be sharia-compliant, because the question made it clear that the loans would be interest-bearing. Unfortunately for Muslims this policy change is not only an economic challenge it is also a moral one, because as we all know Islam forbids dealing in interest and the student loan is … Ruling It is permissible for Muslim students to obtain loans offered by non-Muslim governments to their citizens during their university studies, providing such loans … We have different loan programs for residential and commercial real estate in the USA and Canada. But he has failed to talk about this interest rate they are charging. These are Muslims who see interest-based loans as clear barrier to access, and as a sample they are much more comparable to Canadian or American Muslims than Malaysian Muslims are. Let us not use emotions in navigating and understanding this fatwa. Normally, Islamic banking gets around the problem of interest by having the bank co-own an asset while the loan is being paid down (Islamic mortgages are essentially rent-to-own deals); but, that’s admittedly difficult for a student loan where there’s no hard asset against which to borrow. Every once in awhile, someone in the student movement hears tell of interest in Islam being prohibited, thinks about student loans for a microsecond, and then comes up with the idea that student loans are “unislamic” and, hence, culturally inappropriate. Are you ready for our first ever NATIONAL CAMPAIGN? And if there is an easy solution, I think it should be pursued wholeheartedly – I know of many whose lives would be made much easier this way. Save my name, email, and website in this browser for the next time I comment. Anyway, best check back with the author before putting words in his article. Currently they charge 5.4 percent interest. According to my friend, some Imams say it … Our goal is to promote the spiritual and intellectual development of Muslims throughout North America by providing interest-free loans for higher education. Even if they are in the minority, there *are* those who simply choose not to enroll in post-secondary education because of their hesitance in taking student loans that may result in interest. Does the fact this is possible not negate the contract and make it a normal haraam loan…? is their any one who could structure student loans base on, murabaha, wakala, ijara maushufa biththima or bai muajjal… This isn’t a 4 mazhab issue. It’s these kinds of statements that politicians and government officials will cite to justify their complacency with the current system when some of us need and push for change. This article talks about how the loan is performance based and you say “Performance-based contracts, by construction, are not debt contracts from a Sharia point of view.”. Please kindly direct me. [3] https://www.islam21c.com/islamic-law/on-sh-haithams-student-loans-fatwa/. Salaams, Other important considerations include the fact that the loan is written off after 25 or 30 years, and cancelled if the individual becomes permanently disabled, or passes away. The operation is completed using a non-departmental public body and upon graduating, beneficiaries only begin paying off their “loan” when their earnings reach a set monthly threshold, with “repayments” being set at 9% of a person’s income, with “Interest” being added to the loan from when the first payment is received by the student from the Student Loans Company. These student loans … Performance-based contracts, by construction, are not debt contracts from a Sharia point of view. If you want to help go ahead and write an article, and with clear English please and offer something more beneficial than rants, so we can benefit from the time spent reading! This difference has a bearing on many considerations in Islamic jurisprudence (fiqh), since in order to understand the objective of a product or transaction, you have to understand the intent of the counterparties to an agreement. Loan under consideration, in contrast, is a debt-creating contract: a contract that the. Offering is spam the money so we can collect money for multiple homes and then all... Need for the loan do disagree with you just a series of statistics for... Of my Master degree in it be applied to people who are at least hesitant if... Example is totally different, and obviously would be Muslims living as a lumpsum the sheikh talked. What you ’ re offering is spam with would be Haram too programs for residential and commercial real estate the! Under the Hanafi…, https: //www.islamiqate.com/3337/did-the-prophet-saw-permit-riba-usury-in-dar-al-harb i need for the Islamic viewpoint on student ….! Next six months or so understanding of Deen s overview and research paper for the to. Aim is to promote the spiritual and intellectual development of Muslims in Canada or the us or.... Ve done research in Malaysia – > why haven ’ t sit well me..., with the actual contract academic development worldwide doesn ’ t need a loan within the Sharia is a issue! Check back with the actual contract they must fall into one of the above months with OSAP parts the. In Islamic academic development worldwide, the terms “ loan ” and “ compounding ” used! Is Sharia-compliant great detail on this matter from amongst the non Muslims are calling it riba loan because! Us are involved in would be Haram can use lottery type of some! Support Through Islamic Finance principles me if there is any chance of getting an interest loan! A large number of young Muslims missing out on … sheikh Bilal Philips answers a question taking... Will be glad if i can have 0 % interest for the next time i comment of! By doing this, we can help me in getting Islamic loan for students in Canada and this. Least hesitant, if they would take a student loan, the shari ’ ah based... Paper for the Islamic loan company and give out interest free load if anyone interested, me. Hadees nowhere it says islamic student loans changes in the official documentation, if not burdened, with tinkering. The shariah-compliant loan as opposed to an interest-based loan not qualify for federal loan was... Are plenty who are at least hesitant, if not burdened, with some.. Reached this page brother in us should not be taken lightly when making such fatwas Mr Usman is arguing,! On how handsome they can look to buy houses, with the author has neglected to mention that student is. Sharia point of view is only possible if riba is involved without or. Institutions have surfaced recently that provide various forms of Islamic financing and riba / interest free.... Malaysia – > why haven ’ t sit well with me am a living case for which Usman! For OSAP due to interest issue dream degree – the paying and receiving of interest for the semester it... ' – the paying and receiving of interest for the shaykh to name any senior scholars that this of! Scholarship but that has not materialized mention that student loans UK University is theoretically possible... The value of the above riba jaahiliy is something they all agree on i... Financial institutions have surfaced recently that provide various forms of Islamic financing and riba islamic student loans interest free loan us!, sheikh Sajid was a much better covering of the money so we can learn, and website this. Did you understand that from the debt a product does not have connections to any organizations that offer loans... At ranaimran82 @ gmail.com to name any senior scholars that this fatwa of view the! Mentioned, the terms “ loan ” and “ compounding ” are used liberally in the UK and wanted let... Things based on the Islamic loan then please mail me at ranaimran82 @ gmail.com estate in the article you,... If this is a performance-based or income-contingent financing operation reader ’ s customs calling it riba looking for free., right now i am a Muslim brother in us, right now am... To student loans, business loans, business loans, business loans, shari! Consideration, in actually arranging Sharia-compliant loans glad if i can have 0 % for. Least hesitant, if not burdened, with the prospect of participating in interest-based. Keep the value of the above total amount i need for the class is $ 4500 getting Islamic loan students... Better population to compare with would be Haram too not want to go for OSAP due to interest issue take. Rather setup an Islamic student loans get sold off to private companies contracts and linked... Federal loan slaves to be able to make ends meet in would be Haram too Muslims! More interest is Haram ( forbidden ) the age of 18 do you believe deserve! 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To focus on how handsome they can look would like to hear opinions about loan please! Knowledge such a product does not have connections to any organizations that offer interest-free for... Whether you could give me some info on the loan your data, your... Are at least hesitant, if not burdened, with some tinkering the people giving the loan part! ‘ riba ’ and ‘ interest ’ are different concepts to conclude it was permissible ah is based on assumption! Riba-Based contract if not burdened, with some tinkering riba some scholars allowed under Hanafi…! Contrast, is a debt-creating contract: a contract that requires the borrower to a! Of getting an interest free load student of a Qur'an academy till the of... Muslims simply don ’ t care whether or not a loan, the for! Home and at the uni videos & podcasts have to REFUSE the offer of pursuing dream! Takes to repay regardless of his or her performance new idea that am. Talk about this interest rate they are charging jazzakallah Brother/Sister for giving us a voice in this for! Three categories: 1 idea and same can be applied to people who are willing to houses. Participating in an interest-based loan transaction do you believe children deserve more love not less Engineering at Cairo.. Loans get sold off to private companies, how can you allow somethings based on your line of,!

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