• Transactions & Dealings >> Interest & Insurance

    Question ID: 32647Country: India

    Title: interest and and banking

    Question: I am a student of 12 class and and want to study engineering and belongs to extremely economically weaker class , my father is not able to pay the fees and i have to take education loan under extreme conition as ihave not any means of interest free loan system , i could undrestand what to do as i have no options. please guide me .and tell me what is the better option for me

    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