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 firstname.lastname@example.org. 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.  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! 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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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