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. Based on this, for student loans to be considered impermissible Islamically, a scholar would have to prove in a substantial way the presence of the following: – Riba, which is interest (usury) … There are plenty who are at least hesitant, if not burdened, with the prospect of participating in an interest-based loan transaction. Jazzakallah Brother/Sister for giving us a voice in this particular topic, wassalamalaykum warahmatullahi wabarakatuh. The expenses are very high and I have around 40% assets to support the expenditure. Find Out More . Muslim students tend to take a student finance loan in order to go through university without financial strain, but I've recently discovered there is interest involved. Disproving Mudāraba thus would not render this a riba-based contract. As-salaam Alaikum. And furthermore, it’s a conversation stopper for those who already have so much red-tape to cut through to try and improve the system to accommodate for such loan programs. In the United States for instance, your credit worthiness is affected if the loan … This, in the past, has led some in Canada to claim that the whole student aid system needs to be revised and made more grant-reliant, all in the name of cultural sensitivity. Any form of financing made according to Islamic law, which forbids the payment or receipt of interest.An Islamic loan may be an interest-free loan, but often it is a more complex transaction.For example, a bank could buy an asset for cash and then re-sell it to the "borrower" for a profit such that the profit is the same as the bank would have made had it extended a regular loan. I like Zak’s idea and same can be applied to people who are willing to buy houses, with some tinkering. As was mentioned, the shari’ah is based on the reality and not names. In concluding, the fatwā deems the current student loans situation (2013) to amount to ribā which is prohibited, on the basis that the lender demands an increment on the basis of inflation. I was one of the initial people who were told student loans would be interest free and found every year they were charging me interest until I paid it off. Subsequently, he turned his attention towards Islamic Studies. Is it possible for the shaykh to name any senior scholars that this fatwa was checked by? Interest-free loans provided by Muslim charitable organizations – in absence of wide-spread shariah-compliant loans: http://www.isna.net/events/Special-Announcement/Islamic-Develoment-Bank-Scholarship-Program.aspx, I am currently in Pakistan and got admission in Rotman School of Business in Full Time MBA. Thanks The topic thus requires understanding conventional economics and finance among other contemporary subjects, partly because this is not as simple as a transaction between two individuals, but rather an operation between a government and its citizens. Now I am left with no option but to get loan under CSLP scheme which bears Interest, and I have to reply till 3 June, 2013. I just wanted to let you know that I did enjoy your article. Thanks for reading our stuff. As has been stated, the principles of Islamic law tell us that “Matters are judged based on their objectives and operational reality, not by their names or appearance,” and that “From the outset, everything (not considered worship) is permissible unless proven impermissible.” In particular, the arrangement is income-contingent and performance-linked, which makes it consistent with the principles of Sharia. 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. This has led to a large number of young Muslims missing out on … In response the growing student debt as well as in line with the Islamic principle of avoiding interest, The Islamic Society of North America and the Islamic Development Bank created a unique interest-free loans … And there are plenty more who, if they had the choice, would choose the shariah-compliant loan as opposed to an interest-based loan. It’s hard to understand what you’re saying. See Al Qalam’s overview and research paper for the Islamic viewpoint on student … Even in the Quran and hadees nowhere it says bring changes in the Hukm of Allah subhana tala. But after finding out about the prohibition, he must put an end to any riba … This ‘fatwa’ is clearly invalid and not even the type of Riba some scholars allowed under the Hanafi…, https://www.islamiqate.com/3337/did-the-prophet-saw-permit-riba-usury-in-dar-al-harb. As a result of ill thought out fatawa regarding this topic many youth have pulled out of study and therefore furthering of the Muslim community. Performance-based contracts, by construction, are not debt contracts from a Sharia point of view. This is what happens when they focus more on taking Haram pictures to focus on how handsome they can look. Alongside his contemporary studies, Sheikh Sajid was a student of a Qur'an academy till the age of 18. You’ve done research in Malaysia –> why haven’t you surveyed the opinions of Muslims in Canada or the US? Rather setup an Islamic loan company and give out interest free loans to students than make the haraam halaal. Ma sallam, Your email address will not be published. My email id is jahanrjk@yahoo.com. Representation matters! The objective is to … I am an Egyptian student studying Engineering at Cairo University. Islamic Banks, Islamic Loans and other loans for Muslims. Or, one could do as Malaysia’s student loan program does and simply replace “interest” with a “fee” that works exactly the same way as interest, but preserves the form (if not the spirit) of the Sharia. Based on this fatwa, if one lends £10000 to one’s friend and demand £20000 once other person has found job in 5 years, it will be halal, how unfortunate? Clearly you have made up your mind but this matter affects all of us, and all you’re offering is spam! It’s just the latter half that doesn’t sit well with me. See: AAOIFI Sharia Standard (13). Your email address will not be published. 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! Faith-Based Financing Faith Based Financing FAQs Murabaha Shariah Board Approval Heter Iska Stay Connected Islamic Financing Devon Bank has been offering Islamic Financing designed to avoid conventional interest common in traditional loans since 2003 for home purchases and refinancing from traditional loans. I agree with almost all of what you had to say in the first half of your article – it was very well-informed, and accurate. But he has failed to talk about this interest rate they are charging. Let us not use emotions in navigating and understanding this fatwa. Furthermore, if you’re surveying the largest Muslim country in the world – wouldn’t questioning students about whether or not they would get a loan imply – to some degree – that the institution issuing the loan would have a high probability of satisfying Islamic requirements – as part and parcel of being in that country? If the organization paid you 50k to get your diploma and in 5 years when you graduated it takes 60k to get the same diploma than this is what you pay back . The Canadian Muslims mentioned in the article you linked, citing cultural sensitivity, seem to be disagreeing with you. He completed a 3-year University Diploma in Arabic language and Islamic Sciences at Imaam Muhammed bin Saud Islamic University, he later attained a Bachelors degree in Sharī'ah and thereafter a Masters degree in Judiciary (Qadha), with honours, from the Higher Institute for Judiciary Studies (Ma'had al-'āli li'l-Qa'dhā). I am fanatically searching for Islamic Student loans, otherwise, I will have to REFUSE the offer of pursuing my dream degree. [4] Given that I have not come across anything conclusive which passes the evidentiary bar of the Sharia to overturn the original ruling of permission for this type of contract in principle, the default ruling would thus persist, and I would therefore agree with Shaykh Haitham al-Haddād’s conclusion, even though I find his framing of the student loan arrangement as a form of Mudāraba unnecessary. I came across this site. My earlier response was a bit confrontational – and I do apologize. He trained as a judge and successfully completed a thesis on the topic of Liquidity Management using the famous Repurchase Agreement (REPO) contract, as well as its rulings and permitted alternatives. If you don’t need a loan, why don’t you help others with a one-off or regular donation? I think there are material differences between a conventional and islamic mortgage from contractual, regulatory and economic … 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. Although I was hoping to get some scholarship but that has not materialized. If this is not “riba”, then what is it. Islamic Sharia law prohibits 'Riba' – the paying and receiving of interest for profit. Praise be to Allah. My colleagues and I at HESA recently saw evidence of this during some work we did related to the introduction of student loans in Indonesia, the world’s largest Islamic country. The topic of student finance falls under the category of financial transactions, for which Islamic law has a framework derived from the Qur’ān, Sunnah, consensus of jurists, analogy (qiyās), and other epistemic frameworks. I came here through skilled migration with my family. the total amount I need for the class is $4500. Islam can never turn into modern Islam. I have no guarantee of getting a job before that 6 month period pops up, and if I don’t, I’ll have to start paying interest – and I have a religious obligation not to do that, which I intend on fulfilling. Some of these services may include basic personal loans, business loans, loan consolidation … If we can create a pool of people who can invest in Home Buying of one of the members and then the process continues for all of them who need to buy a home and don’t want to pay interest, like myself. This profit is only possible if riba is involved. You might not be aware but for Muslims, interest is haram (forbidden). If you can help me in getting Islamic Loan then please mail me at ranaimran82@gmail.com. Is there any ruling regarding maintenance loans in the UK, many if not most students who take tuition loans also take maintenance loans to cope with the high uni living costs, however in my case at one point I was living at home, and just saving up the maintenance loan, using it to spend on luxury items, is there any ruling in this? What is the Islamic view point on UK Student Loans… Riba is a major sin and should not be taken lightly when making such fatwas. With a bit of tinkering, the US Government’s graduated repayment student loan scheme, as well as the Swedish student loan system, would both meet that test – especially since there is no profit involved. Tagged with: DEBT FATWA FINANCE HALAL HARAM INTEREST LOAN MONEY RIBA SHARIA SHARIAH STUDENT STUDENT LOANS UK UNIVERSITY. Thank you for this article. We are going to publish the data on the Indonesian survey in the next six months or so. The student loan under consideration, in contrast, is a performance-based or income-contingent financing operation. Though it is theoretically be possible to create Sharia-compliant student loans, the market for them is tiny, even in Islamic countries. I think the market is pretty small, but as a technical matter it’s not complicated at all. Thank you for sharing. http://www.1stethical.com/wp-content/uploads/2012/06/alternative-finance-provision-statement-21st-June-2012-1.pdf, http://www.1stethical.com/2012/07/18/lobbying-for-a-halal-alternative-to-student-loans/. 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. I am a Muslim brother in US, right now I am on my final semester of my Master degree in information system. 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. It looks like riba, it sounds like riba, the people giving the loan are calling it riba. My Islamic Faith Prevents Me From Paying Interest on My Student Loans I recently called to ask if I could get a lower pay-off amount as the original loans were 32K and now they are up to … 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. [3] This was based on his alignment of the loan’s structure to the well-known Mudāraba arrangement found in the books of Islamic Fiqh. Please kindly direct me. I do not want to go for OSAP due to interest issue. 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 I would have greatly benefited from shariah-compliant loans, as currently I’m not using OSAP, but other means to finance my education. Do you believe children deserve more love not less? In the event of remaining unemployed or employment with a salary below the set threshold, the “borrower” is not required to “repay”, even if he or she is in possession of adequate funds through alternative means. I came into a new idea that I would like to hear opinions about. [4] Mudāraba is a partnership in profit whereby one party provides capital (Rab al-Māl), and the other party provides labour (Mudārib). May Allah Ta’ala. I am a newcomer to Canada. Subscribe below. I know British history based on deception and always buy Muslims scholars to bring changes in Islam due to the fact see Muslims condition with no Eman living in a Muslims land and follow kuffar’s Hukm and ignore deliberately Allah’s Hukm I establish whoever follows his debate and hukum or fatwah on student loan is permissible will r caught on the day of judgement. And if, like you said, it’s so structurally similar to existing loan systems – then what’s so hard about accomodating a slightly adjusted version for the minorities who would want to use it. I have a question and hope you can explain this to me. Currently they charge 5.4 percent interest. Wsalam I happen to be a part of that subgroup of students who do care about shariah-compliancy, and statements like “many Muslims simply don’t care about shariah-compliancy” do make me feel under-represented. This is what happens when people decide to focus on issues more then thye are supposed to they mess up and give these kinds of fatwa [3] https://www.islam21c.com/islamic-law/on-sh-haithams-student-loans-fatwa/. https://darulfiqh.com/knowledgebase/are-student-loans-a-mudharabah-investment-contract/. Very welcome fatwa alhamdulillāh, it is very important we define things from our own sharia rather than just accepting what non-Muslims label as a loan or not. http://www.1stethical.com/2012/07/18/lobbying-for-a-halal-alternative-to-student-loans/. Well! WhatsApp Contains Pornography – do your children have it? Your contribution will keep on helping others as loans … Required fields are marked *. Did you ask for statements from students showing no interest on their statements? Secondly, and related to this, something does not become a loan in the paradigm of Islamic law by simply being called a “loan” or appearing to be one. The author has neglected to mention that student loans get sold off to private companies. Your email address will not be published. Student loans have not been much of an option either for Muslims, as many have avoided it for fear of falling into riba (interest). 10/08/2020 In summary, I believe in principle that the student loan product offered by the UK government currently is acceptable from the Sharia point of view. I am NOT opting for Loan under Canada Student Loan Program because it bears Interest, therefore, I AM NOT GOING TO GET THE DESIRED MBA DEGREE. Receive our unique Islamic perspective on current affairs. I’ll poke around the data to see what we can learn, and report back. Your response would be greatly appreciated! The second reason is that many muslims simply don’t care whether or not a loan is Sharia-compliant. Subhanallah, so many people attacking the writer with no actual objections to the argument. is their any one who could structure student loans base on, murabaha, wakala, ijara maushufa biththima or bai muajjal… Just over half said yes; of the remainder, 88% said that loans were a good idea for some students, but not for them personally. Dr ‘Abdur Rahman As-Sumayt…. | Unscripted #73. This isn’t a 4 mazhab issue. May Allah Ta’ala grant you and us the correct understanding of Deen. They follow a value-oriented approach consistent with Islamic finance principles. We asked 2000 students in various parts of the country if they would take a student loan were it offered to them. It was a much better covering of the topic than most people do. The current student loan system is impermissible, as it amounts to an interest based contract (ribā) which is prohibited. I am looking for interest free loan in US. READER’S NOTE: HESA does not have connections to any organizations that offer interest-free loans. 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. Assalamu alaikum warahmatullah wa barakatuh. I’d like to see some more of your data, and your research methods. To upgarde my education I need to do a program at Ryerson. Our goal is to promote the spiritual and intellectual development of Muslims throughout North America by providing interest-free loans for higher education. The views expressed on Islam21c and its connected channels do not necessarily represent the views of the organisation. Financial support for Muslim students. Introducing shariah-compliant student loans is something that needs to happen. Abdullah, please write clearly. The only option I have is to pay out of pocket or private loan. It is true that the Sharia mandates forbearance (إنظار المعسر) in case of the borrower being in financial difficulty, but forbearance does not cancel the debt—it still remains and is collected even after death from one’s bequeathed estate. I do not use “substantial” lightly, given that the Islamic ruling of all contracts being permissible as a default rule is a certain one established by undeniable evidence. If a Muslim takes out a riba-based loan, not knowing of the prohibition on doing so, there is no sin on him regarding what has passed of that. That’s not an argument against their being offered, but it is a reason to dismiss the notion that not offering them actually represents any kind of barrier to access. By proceeding, you agree to receive our free email newsletter and accept our privacy policy. I’m not trying to discredit the value of your study in Malaysia, but at the same time I don’t think it’s completely fair to conflate the perspectives of your survey respondents with those of us living on the other side of the world, in different circumstances, here in Canada. A deductive study of these have manifested several established rules and governing principles when determining the Islamic rulings of financial transactions, such as: – “From the outset, all economic and social activities are permissible unless proven impermissible.”[1], – “Matters are judged based on their objectives and operational reality, not by their names or appearance.”[2]. I read your views on the student loans in the UK and wanted to say JazakAllahu khaira. 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 I so appreciate that – because it is hard, and it’s reassuring to know that someone’s out there dedicating time to do research on the relevant issues. Although, now that you mention it, we may actually have some data on this from our panel survey which does ask about religion. This … ‘Ginger beer’ says ‘beer’ but we know it is not beer, so those who panic upon hearing the word ‘interest’ should consider this. Due to the fact that you also have the option (according to the government page on paying back the student loans) to pay in a lump sum, such as paying more than the percentage (so extra payments) to reduce the overall “loan”, does this not mean you have the option to “pay off the full balance before the loan term ends”. The “profit” (as opposed to interest) will still go back to the government, or whoever the issuer of the loan is. I am thinking of creating an Islamic student loan program to help our Umma in US/ Canada to increase the level of education in Islamic families. To me there is a clear barrier for access – to which there is an easy solution that will, in your words, take just a bit of tinkering. Ketesha Frank. This is a personal issue for me – not just a series of statistics. Where the loan does not involve riba, and the student pays back what he took, without … Pingback: A Muslim's Guide to Student Loans in the U.S. – MuslimMatters.org | Krispy Hut. Even the students from amongst the non Muslims are calling it riba and oppression. (Except when it doesn’t), https://darulfiqh.com/knowledgebase/are-student-loans-a-mudharabah-investment-contract/, French government bans nine masājid in desperate attempt to punish Muslim community, Uyghur activists take aim at multinationals sponsoring 2022 “Genocide Games”, International NGOs submit formal complaint to the UN against France’s anti-Muslim policies, Sri Lankan forced cremations: 36 British Muslim groups deliver joint letter to High Commission, American Muslims urged to exercise caution in light of Capitol Hill carnage. I know of some personally, and it wouldn’t take more than a quick googling to find more examples of students like this. He has authored several articles and dissertations in both Arabic and English pertaining to the various Islamic Sciences; lectures at Knowledge International University; is the Director of Islamic Development for Mercy Mission World; lectures at AlKauthar Institute as well as heads the Institute's Board, among various other commendable endeavours. With regard to student loans, they must fall into one of three categories: 1. We have different loan programs for residential and commercial real estate in the USA and Canada. Save my name, email, and website in this browser for the next time I comment. The bigger the profession, the higher the student loans i.e. The UK government offers eligible undergraduate students a Tuition Fee Loan and Maintenance Loan as part of the Student Finance funding system in the UK. Imran hoseim over researched end of tiems became a crackpot, Last time I said sheikh haitham over researched this issue and messed up now i say sheikh sajid did the same and messed up, Please dont make halal harram and put people at risk of never repenting for a big sin. With the new university year on the horizon, I am receiving questions from the youth and their concerned parents regarding the permissibility of student loans in the UK. A loan within the Sharia is a debt-creating contract: a contract that requires the borrower to repay regardless of his or her performance. I have details of the idea in my mind so if anyone interested, drop me an email at ksjarral82@yahoo.com. I am suffering insecurity at home and at the uni. Anyway, best check back with the author before putting words in his article. 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 May Allah reward you for your help. In light of this, without riba, gharar or oppression being a part of the structure, and with real value-adding work being an actual part of the arrangement, I conclude the student loan offering in the United Kingdom to be a permissible one from the perspective of Islamic Fiqh. Loans are only possible because of donations! Salaams, I really want to stay away from loans because i know the consequences. Are you ready for our first ever NATIONAL CAMPAIGN? 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. If you can’t wait, I’d be happy to show you the survey and methods any time (contact me via the info at higheredstrategy.com if you ever want to come by). You do not need to research and go into great detail on this matter. A better population to compare with would be Muslims living as a minority in a Western developed country. May Allah ta’ala increase you in His obedience. Upon the student successfully graduating and securing employment with an earned income upon or above a set threshold, the “borrower” must “repay” the tuition and maintenance funds received, which is done via the PAYE tax system at a fixed percentage of an individual’s income. Similarly, it might be that only a minority of Muslim students in Canada observe regular prayers – but almost every university campus has a dedicated prayer space, justified by the numbers of people who benefit from them. You mentioned above that you are thinking creating an Islamic student loan under consideration in. 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