Transactions & Dealings >> Interest & Insurance
Question ID: 32647Country: India
Answer ID: 32647
Bismillah hir-Rahman nir-Rahim !
(Fatwa: 959/L=366/TL=1432) As per the holy Quran, it is haram to take interest based loan as Almighty Allah says: وَأَحَلَّ اللّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا الآية [البقرة : 275] وعن جابر رضى الله عنه قال لعن رسول الله صلى الله عليه وسلم آكل الربوا وموكله وكاتبه وشاهديه وقال: هم سواء Hadhrat Jabir (رضى الله عنه) narrates that the holy Prophet Muhammad (صلى الله عليه وسلم) cursed those who take interest, give interest, write it and bear witness to it, and said that all are equal. (Mishkah: 244) Hence, it is not allowable to take education loan as per Shariah. You should try your level best to arrange any lawful alternate i.e. someone gives you interest free debt or helps you. Along with adopting the necessary measures, you should also supplicate Almighty Allah.
Allah (Subhana Wa Ta'ala) knows Best
Darul Ifta,
Darul Uloom Deoband, India