Transactions & Dealings >> Interest & Insurance

Question # : 933


I am an Indian citizen. Can I take education loan from a non-Islamic bank inspite of knowing that I have to give the interest? - I have no other way to fund my higher education (MBA from a Australia). Please do mention any Islamic bank which can give me education loan in an Islamic way for my higher education (MBA) from US/Australia.

Answer : 933

Published on: Jul 29, 2007

بسم الله الرحمن الرحيم

(Fatwa: 472=460/N)


(1) You can not; since giving and taking of interest is sternly prohibited in Islam:

واحل اللہ البیع و حرم الربوا (الآیة) وقال: یا ایھا الذین آمنوا اتقوا اللہ وذروا ما بقی من الربوا ان کنتم مؤمنین، فان لم تفعلوا فاذنوا بحرب من اللہ و رسولہ (الآیة)


(2) We do not know any Islamic bank in India.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

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