Assalam O Aalaikom everyone,
How are you? I apologize for opening this thread as we have discussed this before in one of the past threads and I can not remember. I just want to discuss regarding loans for University that also requires interest rates. How do deal with it since we can not find any Islamic banks here? We can live without University or Colleges but without these level educations how can we get well paid jobs? The purpose for living abroad is for education.
Take Care,
Allah Hafiz!
Re: A Question Regarding Loans amongst interest rates
By the way, due to not many members participating in Religion's section, I have decided to leave this forum. This is probably my last thread. It was really entertaining. There are innocent and nice members here. Pleasured to participate here.
Take Care,
Allah Hafiz!
Re: A Question Regarding Loans amongst interest rates
I believe its wrong to CHARGE interest. But if you are PAYING interest, there is no sin on you. You can't help it if you don't really have any other viable choice.
Re: A Question Regarding Loans amongst interest rates
brother,
First thing first, you understand what interest means and its position in Islam, right? Lets go to next question: education in Univ/college doesn’t really need a loan, however to finish it in the time YOU desire may demand immediate cash upfront resulting in looking for loans. I personally know many friends who faced these challenges, but they worked hard, they worked “odd jobs” for many many hours to pay for their tuition (mind you they were paying “International” rates for fees), housing etc. and they were able to graduate in 5-6 years, but they did it without LOANS. It all comes down to YOUR priorities, really.
Re: A Question Regarding Loans amongst interest rates
Don’t get dishearted by “lack of members” if you feel satisfied about what you get here, with you gone it will be one less person, no?
Re: A Question Regarding Loans amongst interest rates
Yeah OK, paying 30-50 grand in total costs can totally be done and your education, albeit a delay, will get done in 5 years or so.
:lmao:
It might work so-so for undergrad degrees. But then you make yourself look really bad when people see that it took you so long to finish undergrad all because you were afraid of paying interest, which doesn’t make you a sinner in the first place.
In terms of even being able to pull something like that off, its not possible at the grad school/proffessional school levels. Too much work and dedication required, and some schools wont let you do part-time depending upon the grad program.
Re: A Question Regarding Loans amongst interest rates
PCG not all sudents,especially international students..have the ability get college loans and end up working 18 hr days during summers and december breaks and various jobs during school year to pay for their education, but that means they really try nt to take more than 12 credits per sem, which would make it more than 4 years.
from what I have seen, if they can tell recruiters how they worked hard to do all that ..it works in their favour.
but yeah I agree otherwise, some schools u can do that but if u are at an expensive school its impossible. an undergrad kid can not cough up $30K tuition on his own and working odd jobs
Re: A Question Regarding Loans amongst interest rates
Hadith - Sahih Bukhari, Volume 3, No. 299; Narrated ‘Aun bin Abu Juhaifah, r.a.
My father bought a slave who practised the profession of cupping, (My father broke the servants instruments of cupping). I asked my father why he had done so. He replied, "The Prophet forbade the acceptance of the price of a dog or blood, and also forbade the profession of tatooing, or getting tatooed and receiving or giving Riba (Interest), and cursed the picture makers."
There you go proof that that giving interest is also haraam, as haraam as accepting it.
Now its up to you, who you want to please, Allah or the employers or whoever it is..its your choice.
Re: A Question Regarding Loans amongst interest rates
As I said earlier, it depends on YOUR priorities. People like you might care more about what people think rather than what Allah wants so you would rather take the loan and finish off your school so people would say “wow” :k:
Then don’t go to those schools if you don’t have money to pay for it… but then again it comes down to YOUR priorities.
Re: A Question Regarding Loans amongst interest rates
Thanks Sharaabi for the hadith, there are verses in Quran too, but that would be sooooooooo 7th century thing 
Re: A Question Regarding Loans amongst interest rates
Walaykum assalam,
I believe you're in Toronto. Tuition in Toronto for university for the entire year (2 semesters) is approximately $5000-5500. I believe you're still in high school and you probably live at home with parents and aren't required to contribute toward the expenses at home. Therefore, you could work part-time during high school as well as in summer. This should hopefully at least get you enough to pay for your tuition for the first year or at least the first semester.
Many work during university as well in order to pay their tuition, or you could attend university part-time in order to ensure that you don't have to take any loans. There are a number of individuals who I'm familiar with that plan on studying part-time, so that they don't have to take a loan.
On the other hand, OSAP (Ontario Student Assistance Program) is another option that is available to you. You don't have to pay interest out of your pocket till after you graduate. This provides you with an opportunity to work during university and save up enough to pay it off as soon as you're done. However, the government does pay interest on your OSAP while you're in school. Therefore, some have told me that it's not permissible. I'm not too sure and never really got a chance to speak to a scholar about it.
Lastly, if you're able to maintain good grades, you have an option of a getting a number of scholarships that are often renewable on an annual basis. Scholarships along with part-time jobs could help you pay your tuition without having to take a loan.
Re: A Question Regarding Loans amongst interest rates
Jazakallah Khair everybody for sharing information. I will see what should I do according to my dad's decision. If my dad is able to pay all debts at one time, it would be good or else he might approve a loan. I am also doing part-time job for two days per week and I might recover all debts for atleast one year InshaAllah if I get admission to university.
Captain1 bhai, then how do you just agree with approving a loan regarding braises through dental service, because of health care for teeths?
Re: A Question Regarding Loans amongst interest rates
Just yesterday, I was having this discussion with a friend. His family built a new house. Cost them over $300,000 in Ottawa area.. What they did was they collected around 60K from their aunt and some from other family members and whatever they had saved up to make that 300K target in CASH to pay up for the house. He said many Muslim family do this, I wasn't that aware of it but it is a good idea. Just set a time frame of when you can pay back the money you owe to your family members/friends whoever it may be. One good way to unite the ummah! INSHALLAH!
Re: A Question Regarding Loans amongst interest rates
When did I agree with loan for braces? I said that if per dentist the situation is life-threatening and there are no other options for the dental care/loan only then it would be okay to get the interest based loan, but if the braces are for cosmetic reasons then its NOT okay for the interest based loan.
