interest dilema

[slaveofAllah88]

:salam2: wr wb

I hope everyone is in the best state of health and emaan inshallah taala

I just have a confusion, so i good into med school Alhumdulilah but now i need money to fund my education.

i need close to $110,000-120,000 US dollars, now thats alot alot of money , especially me i cant come up with that sort of money, and my parents can never afford that.

The only option i got is taking loan but im scared to take loan cuz of the interest, I want to stay away from interest its haram. I feel scared if i take it and then i die , i will die with that interest n loan

Its just making me really sad im not sure wat to do I want to become a doctor i worked really hard to get into a med school and now i feel like giving up at the last moment is not a good right.

can someone tell of any option, Btw i live in Canada, im not sure if there are any islamic banks here well i haven't heard of any.

JazakAllah khair

 

[krackpot]

brother i think you should consult your local imam...i've heard of muslim welfare organisations in canada and america.....


visit this site brother shaheerpak http://www.umgroup.ca/um_in_media.aspx/omni_tv/islamic_banking_offers_choice_to_muslims_in_canada


may allah be with you always in every step....
ill see if i can find anymore info regarding this issue

 

[slaveofAllah88]

brother i think you should consult your local imam...i've heard of muslim welfare organisations in canada and america.....


visit this site brother shaheerpak http://www.umgroup.ca/um_in_media.aspx/omni_tv/islamic_banking_offers_choice_to_muslims_in_canada


may allah be with you always in every step....
ill see if i can find anymore info regarding this issue

:salam2:
JazakALlah khair brother, i really appreciate it.
I just talked to them , mashallah very nice people but they only provide money for mortgage which is sad but i asked about how it works and turns out they take the money and count as an investment and then set up fees on it isn't this the same thing as interest like ur just changing the wordings around.

 

[krackpot]

:salam2:
JazakALlah khair brother, i really appreciate it.
I just talked to them , mashallah very nice people but they only provide money for mortgage which is sad but i asked about how it works and turns out they take the money and count as an investment and then set up fees on it isn't this the same thing as interest like ur just changing the wordings around.

well brother let us consult a learned person for this matter. dont loose hope ill look for another organisation.. ill keep typing even if my fingers fall off

 

[slaveofAllah88]

well brother let us consult a learned person for this matter. dont loose hope ill look for another organisation.. ill keep typing even if my fingers fall off

no i dont want that brother inshallah if there is a will there is a way

ALhumdulilah

 

[slaveofAllah88]

ANyone else know wat to do ?

 

[rightpath_357]

Ummmmm- lol- I'm no adult- so I'm not sure- try to find and Islamic bank, talk to your Imam, and maybe get an odd-job or something extra but not to burdening that pays well.

Maybe an assasin

Just kidding- AstagfirAllah

We'll all du'aa 4 you bro

 

[slaveofAllah88]

Ummmmm- lol- I'm no adult- so I'm not sure- try to find and Islamic bank, talk to your Imam, and maybe get an odd-job or something extra but not to burdening that pays well.

Maybe an assasin

Just kidding- AstagfirAllah

We'll all du'aa 4 you bro

:lol: yea start my own crack bussiness lol

ur funny sis

i emailed my imam and already contacted all the islamic bank i cud find in canada (which were 2) and none of them give student loan so kinda bad .....

jazakAllah khair for ur duas

 

[thariq2005]

Salaamu 'alaikkum, don't you guys get like maintanence grants from the uni??? And do you have to pay all the $110,000 in one go? I expect this to be for the entire medical degree, but then again even that sounds soooo much. Around here the fees every year is £3225ish and for the whole medicine degree, i suppose it'd be 7 times that amount. Plus people here get grants and what not, all people have to do is manage to put together about £1000 the first year, and from then on they are sorted, since they get maintanence grants.

 

[Summer03]

Salam

I really don't have any idea, but I ask Allan swt to ease this time for you and find you a solution inshallah.

Pray salatul istikhara brother...make
duaa and see what's really worth going for!

Take care inshallah

Salam

 

[hana*]

whatever you do do not get a loan- apart from the interest, it will land you up in debt. maybe you can find yourself a part time job to pay for part of it and borrow some money or find youself an islamic bank that is interest free.

 

[_Musulmanin_]

A tad off topic but important to mention:

Remember, If things don't work out and you can't attend university its not the "end of the world" its Allah's (SWT) Will. Not everyone is willed by Allah (SWT) to attend university. I see so many people (even many Muslims) judge and degrade those who don't or can't attend a secondary school or university. Its really becoming an epidemic. You are worth something with or without a degree and there is nothing wrong with working for a living don't let anyone make you feel like any less of a person. The money and prestige of a college education isn't everything in life. If everyone had a college education there would be no one to do jobs that others regard or view as insignificant or "beneath them." Everyone is equall and worth something whether you are a cashier at Walmart or a pediatrician at a hospital.

 

[slaveofAllah88]

Salaamu 'alaikkum, don't you guys get like maintanence grants from the uni??? And do you have to pay all the $110,000 in one go? I expect this to be for the entire medical degree, but then again even that sounds soooo much. Around here the fees every year is £3225ish and for the whole medicine degree, i suppose it'd be 7 times that amount. Plus people here get grants and what not, all people have to do is manage to put together about £1000 the first year, and from then on they are sorted, since they get maintanence grants.

:salam2:

oh we get that during undergraduate, but this is graduate school, so the goverment doesn't provide loans without interest any more


Regarding everyone elsse, im trying to consult some imams too inshallah lets see wats happens

JazakAllah khair for all the replies

 

[allah is with me]

i really dont know what to say in this matter ...i pray allah everythin gets alright...ameen

 

[BinKhadija]

Asslam'u Alykum,

Don't they have something similar to Student Loans there in Canada? If they do, that'd be not really a loan involving interest. From a non-Muslim prespective, student loans often are the cheapest loans you can ever get in your life, which basically means that there's no interest on it, and what you are charged is not interest but inflation rate.

Speak to someone from students union at the university. And, speak to some good scholar as well as since this is a bigger issue, but don't go to someone who just straight away tells you 'no that's haraam!'.

May Allah guide through this, akhi, Insha'Allah.

Wa'salaam

 

[thariq2005]

Asslam'u Alykum,

Don't they have something similar to Student Loans there in Canada? If they do, that'd be not really a loan involving interest. From a non-Muslim prespective, student loans often are the cheapest loans you can ever get in your life, which basically means that there's no interest on it, and what you are charged is not interest but inflation rate.

Speak to someone from students union at the university. And, speak to some good scholar as well as since this is a bigger issue, but don't go to someone who just straight away tells you 'no that's haraam!'.

May Allah guide through this, akhi, Insha'Allah.

Wa'salaam

Salaamu 'alaikkum akhi, it was the student loan everyone in my family asked me to go for, but I completely refused it because I have come across many fataawah that say that inflation is just another word used instead of interest. But then al7amdulillah, when you leave something for the sake of Allaah, then He will show you a way out, and I thank Allaah for having blessed me over and over again, though I beseech him whilst me being an evil soul. My father who refused saying that he doesn't have money, got a lot of money later, wal7amdulillah, and was able to pay my full tution fees for this year. And from this year in shaAllah I can sort myself out with the maintanence grant and bursary, in shaAllah.

Many a times when I have not done something for the sake of Allaah, Allaah blesses me with a solution much better, and all praise is due to Allaah subhanahu wa t'ala. I wish I was a more grateful slave...

Wa salaamu 'alaikkum ya akhi

I know that taking interest is haraam,but I would like to know what does islaam say about taking interest based on inflation.For example,if you borrow 50 pounds and you want to return the 50 pounds in 5 years time,the value of the 50 pounds that you borrowed would be higher in 5 years time.Therefore you payback the equivalent amount to the 50 pounds that you borrowed.I ask this question because I want to know if it is allowed for me to take out a student loan which has interest based on inflation.

Praise be to Allaah.

Firstly:

If you borrow 50 pounds from a person or an institution for a period of five years, you have to pay back this amount in the same currency, even if its value goes down (because of inflation), so long as transactions in this currency are still valid.

We have already explained in Question no. 12541 that paying extra on a loan because of devaluation of the currency is haraam and is regarded as a kind of interest. This is the view of the majority of fuqaha’.

Secondly:

Whoever takes a loan in one currency and agrees to pay back in another, has fallen into riba, because what he has really done is to sell one kind of currency now in return for another currency to be paid later on. This is haraam and is one of the two kinds of riba which is called riba al-nasi’ah.

But the borrower may agree with the lender – at the time of repaying the loan – to hand over the money in a different currency. In the example referred to above, when five years have passed and you have to pay back 50 pounds, you can agree with the lender – on the day of paying back – to give him the equivalent in another currency, such as dollars, but that is subject to the condition that it be at the exchange rate that is current on the day you pay it back.

Thirdly:

With regard to taking a loan with interest based on inflation. We have already stated that paying interest on a loan to make up for inflation is haraam, and that it is a kind of riba. Based on this, it is not permissible for you to take this loan, because the Prophet (peace and blessings of Allaah be upon him) cursed the one who consumes riba, the one who pays it, the one who writes it down and the two who witness it. He said: “They are all the same.” Narrated by Muslim, 1598.

And Allaah knows best.

 

[BinKhadija]

Asslam'u Alykum,

That is a very important point you have brought up, brother Thariq.

Now, I would like to look into more details now, Insha'Allah, because I am starting uni this comping September. I might even PM for I want to know more how you went around without borrowing the loan. Subhan Allah.

Jazak Allah khayr, brother.

 

[Seeking Allah's Mercy]

:salam2:
i'm sorry to hear about your delimma akhi.sorry i can't say anything on your problem,except that make sincere duas.no one but ALLAH knows how to solve HIS creations problems.i'll pray for your sucess inshallah.

 

[Tabassum07]

This is bad. I want my brothers and sisters to be successful, because opting out or choosing a lesser career is not the answer. If muslims always stay at the bottom of the ladder, everyone else will just continue to walk all over us.

I tried to look up some info on this, akhi. Here's what I found, I pray its beneficial in some way, or maybe you can contact these people to see if *they* know where you can get a halal student loan:

http://www.ijaraloans.com/
http://www.medinafoundation.ca/scholarship.html
http://ianafinancial.org/index.php

I think its all Canada based. If these aren't helpful, what I did was go to "google.ca" and searched for only pages from canada. You'll have to sift through some info, but I found 3 sites in 10 minutes, so I'm sure you can find more if you look in the right places.

May Allah grant you success, ameen. I really really want you to become a doctor, lol!

Let me know if you want me to search for more info.

 

[thariq2005]

Asslam'u Alykum,

That is a very important point you have brought up, brother Thariq.

Now, I would like to look into more details now, Insha'Allah, because I am starting uni this comping September. I might even PM for I want to know more how you went around without borrowing the loan. Subhan Allah.

Jazak Allah khayr, brother.

Wa 'alaikkumus salaam wa rahmathullah, al7amdulillah perhaps its a test from Allaah T'ala that you did not fall into error yet. Feel free to PM me anytime akh, also something to note, brothers I know locally were willing to lend me money and allow me to pay them back later, al7amdulillah this is the beauty of brotherhood that Allaah azza wa jal has blessed us with. Also there are other ways which I know off which my university provides, not sure about other universities. Do let me know if u want more info on this matter. We can even have a chat on msn in shaAllah