Student Loans With Interest Halal?

[HalfDzed]

Don't call somali mosques, i repeat call non-somali mosques... It is very easy for many somali wadaads to use the word haram without a lot of research.

I agree. They've recently convinced my mother that paying for her home owner's insurance is somehow riba. Not just haraam, but riba. How? Its a mystery. No clear explanation was given.

I tried to talk her out of it, but she's adamant about it. Ridiculous.

[Executive]

Don't call somali mosques, i repeat call non-somali mosques... It is very easy for many somali wadaads to use the word haram without a lot of research.

I agree. They've recently convinced my mother that paying for her home owner's insurance is somehow riba. Not just haraam, but riba. How? Its a mystery. No clear explanation was given.

I tried to talk her out of it, but she's adamant about it. Ridiculous.

I'm surprised about both of your comments.

Some insurance contracts are haram because it is against islamic contract law, you are not allowed to sign a contract where the risk of your life or possession is transferred in return for paying a premium.You can't deal with anything which is not certain.

As I mentioned earlier in this topic there are 73 forms of riba, some insurance contract involve different types of riba.

[Alluring]

Don't call somali mosques, i repeat call non-somali mosques... It is very easy for many somali wadaads to use the word haram without a lot of research.

I agree. They've recently convinced my mother that paying for her home owner's insurance is somehow riba. Not just haraam, but riba. How? Its a mystery. No clear explanation was given.

I tried to talk her out of it, but she's adamant about it. Ridiculous.

I'm surprised about both of your comments.

Some insurance contracts are haram because it is against islamic contract law, you are not allowed to sign a contract where the risk of your life or possession is transferred in return for paying a premium.You can't deal with anything which is not certain.

As I mentioned earlier in this topic there are 73 forms of riba, some insurance contract involve different types of riba.

Who are you to say what is Haram or what isn't? I know what is Haram though, your grandfather's blood money you use for your education and you have the right to come here and tell people they shouldn't take loans.

[Executive]

[grandpakhalif]

Executive are you saying I have to take years off to work inorder to save up thousands of dollars just to get post secondary education. That's the only halaal way ? Man that is hard..

[bareento]

How can u quantify risk without interest rate?
If I have 10 dollars and u want me lend it to u, I am taking some risks,
u might not be willing or able to payback...I will take that risk only if i get some thing in return.

Besides my ten dollar can be invested and bring me some thing;
if I lend it to u you must at least pay the equivalent of wat it would have brought to me.
Interest rate is the basis of modern finance.
Irrationally big interesr rate is riba as its immoral; but taking loans to study is in my opinion very reasonable and has nthg haram

To this day no Islamic Finance doctrine exist; every sheekh with no idea about finance can say his inspiration of the moment on the subject.

B.

[Alluring]

LOL@ you having a girl as your avatar. You are girl, not a guy. Stop trying to hide your gender! No one take religious advice from the granddaugther of a serial warlord.

[udun]

Take the money, go to school with it, and don't pay it back. If you don't pay it back, how it is going to be a ribba? After 7 years, it will clear itself out!

[ArcadeFire]

^ Caqli yaraa, stealings okay but interest isnt?

[udun]

LOL@ you having a girl as your avatar. You are girl, not a guy. Stop trying to hide your gender! No one take religious advice from the granddaugther of a serial warlord.

What is this, a bombshell?

The granddaugther of a serial warlord? That gives me a hint :lol

[udun]

^ Caqli yaraa, stealings okay but interest isnt?

It is not stealing since you signed a paper and they gave you the money. The day the tax system becomes fair, that is the day you can call it stealing. Go and look at the tax code, whatever you are. The rich families can send their kids to schools, pay for it, and write it off from their income tax. The kid who is from a poor family has to take the loan and all of the interests that comes with and spend the next 10 or more years paying for it. Ok tell me it is stealing since you signed a paper and they gave you the money. The day the tax system becomes fair, that is the day you can call it stealing. Ok tell me it is stealing if he/she doesn't pay for it.

If one is poor in the west, he/she should get whatever money that comes on his way to finish his/her education and move on. Who cares about the loan and bogus interest they placed on it!

[Cumar-Labasuul]

It's hard enough to get into uni these days with so many applicants, but on top of that to take a year out (which would barely cover the costs of the first year) is almost impossible without taking out a loan.
Allah knows best

[Executive]

LOL@ you having a girl as your avatar. You are girl, not a guy. Stop trying to hide your gender! No one take religious advice from the granddaugther of a serial warlord.

What kind of drugs are you on?

[Xashi]

Executive is by far the most knowledgeable person in here about this issue, mashallah

Look if you want to take interest is on you but don't try to make excuses or try to find loopholes in the sharia

[DR-YALAXOOW]

the world we are living today is not the world which existed 1400 years ago or even 200 years ago, interest rate from intuitions like Banks or government institutions and The old ripa System which Islam was talking about 1400 years ago and todays intresst rate bank system is tottaly two different think

1400 ago rippa was defined as forxmple between individuals who lend each other money for fixed price, for example i lend you 100 dollar and before i lend you that you most agree that you will pay me back 200 dollars which means 100% intresst rate. that's the RIPPA which Islam forbids.

but today's BANKS system and other institutions who lend people money , this intuitions will not charge you 100% interest rate, they only charge to very low procent of the money you borrowed, like 2% or 5%,
we have to known too the paper money whichs have what we call inflation which means 100 dollars i lend you today it will not have same value next years because of inflation, and the bank have expenses like paying the rent, bank employees and so on, therefore you get student loans from bank and you pay 3% intresst rate which means every 100 dollar you lend ed you will pay 103 dollars, that 3 dollars will cover the cost of the bank such as inflation and other cost. because of all this, i would say is 1000% xalaaal to get loan from bank or government institutions and pay every mounth little amount of intresst rate. and islam forbids between individuals who lend each other money for fixed price thats rippa becouse 1400 years ago ig you lend you 100 dirham and you can not pay me back 200 dirhamthen i can take your children as AW MAA MALAKAT AY MAANAKUM which means slaves and sell them in the market in order to get back that not only 100 dirham i lend you but also other 100 . thats why it was forbiden but thanks to allah we dont have people been sold in the market today.