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Are Muslims allowed student loans?

Discussion in 'General Discussion' started by lunar, 20 Aug 2018.

  1. lunar

    Gangster

    Joined: 18 Jul 2015

    Posts: 366

    Location: London

     
  2. lunar

    Gangster

    Joined: 18 Jul 2015

    Posts: 366

    Location: London

    Thats right. Muslims cannot take nor give interest. But Muslims can obtain a mortgage.
     
  3. BowdonUK

    Mobster

    Joined: 17 Jan 2016

    Posts: 4,155

  4. Tefal

    Capo Crimine

    Joined: 30 Jun 2007

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    Location: Wales

    The hilarious thing about this is the "side steps" as if God cares abour the letter of the law rather than the intent
     
  5. Tefal

    Capo Crimine

    Joined: 30 Jun 2007

    Posts: 66,594

    Location: Wales

    So does she follow all the other rules?


    Cause the homophobic side probbaly won't go down well at uni
     
  6. Caracus2k

    Soldato

    Joined: 27 Jan 2009

    Posts: 5,417

    Shock horror....

    rules allegedly divinely dictated to an illiterate trader in 7th century Arabia by god are found to not be particularly practicable in the UK in the 21st century.

    I am quite happy for religiously minded adults to abide by unusual or impractical religious rules as long as any negative affects are not felt by other non consenting adults or children.

    However when you have to invent silly ploys to get around you own self imposed rules the only person you are fooling is yourself.

    No one who is in business and who wants to stay in business provides money to another party without expecting more money back over the period the funds are provided for.

    Call it interest or call it whatever you want but the situation is the same at the end....

    You get some money you need in the here and now and the party providing the money does so on the agreement and expectation that they will, in time, receive their money back and receive extra payment in addition to the initial amount of money provided.
     
  7. Dave M

    Soldato

    Joined: 17 Oct 2002

    Posts: 5,496

    It looks a lot like good old fashioned HP (hire purchase). I've not looked into it extensively, but I get the impression that earning interest on interest is not allowed, thus the 'unusual' construction on Islamic products to avoid that possibility.

    They are just percentages.
     
  8. bowey

    Hitman

    Joined: 28 Jul 2009

    Posts: 791

    Location: Norton

    If you do pay i doubt you'd want it back. I never knew about this but now I do I'm intrigued as to how she is ever going to own a home ? Or any muslim for that matter, saving up 200k+ is a hard thing to do.

    Highly doubt she'll go screaming at them.
     
    Last edited: 21 Aug 2018
  9. G-MAN2004

    Caporegime

    Joined: 4 Jul 2004

    Posts: 30,001

    -
     
    Last edited: 19 Dec 2019
  10. Angilion

    Man of Honour

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    Location: Just to the left of my PC

    A different name is all it takes. Job done. People just need to pretend that the same thing is different because it has a different name. Religion is malleable.
     
  11. lunar

    Gangster

    Joined: 18 Jul 2015

    Posts: 366

    Location: London

    I am a muslim. But I do have a mortgage. I was informed by imams that this is allowed as having a home to live in is a fundamental necessity.
     
  12. A2Z

    Sgarrista

    Joined: 9 May 2005

    Posts: 8,209

    Location: London

    That's the most ridiculous thing I've ever heard.

    And people wonder why nobody likes them. Stupid rules like this is one reason of many.
     
  13. stuman

    Wise Guy

    Joined: 27 Aug 2003

    Posts: 1,670

    What’s wrong with renting?
     
  14. Tefal

    Capo Crimine

    Joined: 30 Jun 2007

    Posts: 66,594

    Location: Wales


    So surely is your daughters education?

    I mean you've already ****** off god by ignoring the rule let her do the same you can just ask for forgiveness each day I case you die one car crash and be all good
     
  15. terley

    Mobster

    Joined: 3 Feb 2010

    Posts: 2,870

    The government should not make concessions based on faith.

    A faith community should set up a fund for this type of thing.. don't blame our country.
     
  16. ilc72

    Gangster

    Joined: 19 Mar 2014

    Posts: 467

    When I studied at Aston Business School in 2010-2012 they offered Masters Degree courses on Sharia Finance, they were actually well attended compared to the course I did although Finance & Law of Finance isn’t most people’s cup of tea. That said everyone makes their own choices according to their beliefs and values. As one response rightly said Student Loans are actually a Graduate Tax as only 30% of people will ever pay their loans back in full based on the initial research.

    What I think is terrible is accruing interest at 6.1% when you can still get a mortgage for <2% at the moment. The government can borrow money for 10 years at about 1.3% so go figure.

    I started University in 1991 when Student Loans were first introduced, but I also worked part-time and fortunately managed to pay it back within four years. I am strong believer that University isn’t for everyone and things started to go wrong when the Labour government set a goal for 50% of young people to go to University.

    When I became a manager in IT in a large multinational the quality of our undergraduate sandwich students was variable to say the least, many lacked basic language and communication skills. I don’t blame the students as much as the quality and appropriateness of the teaching.
     
  17. ilc72

    Gangster

    Joined: 19 Mar 2014

    Posts: 467

    I agree 100% with this, especially as Muslim parents know this and therefore should plan and save accordingly. It’s not as if you wake up to find you have an 18-year old child that needs a University education.
     
  18. Rroff

    Man of Honour

    Joined: 13 Oct 2006

    Posts: 69,944

    That one always cracks me up - happens a lot with Christianity as well. Not sure about other religions but I guess often the same there.

    I've not looked this one up in detail but I suspect it is like many things that are often misunderstood in Christianity and Islam in that the spirit of the relevant passages is related to greed but rather than take onboard the root message of the relevant passages people get all caught up in literal translation or at some point someone has misused the passage to slap it over something they disagree with and it has stuck down the ages, etc. etc.

    I highly suspect if you look at the relevant text objectively the spirit of it doesn't prevent the use of a loan for purposes of education or general welfare, etc. but does prohibit the use of such in pursuit of worldly vanities or something along that line.
     
  19. Tefal

    Capo Crimine

    Joined: 30 Jun 2007

    Posts: 66,594

    Location: Wales


    Nah theyr e pretty explicitly against usary.

    No interest on anything, meant to stop money lenders growing in power (weather that has anything to do with Jews traditional role as lenders who knows)
    But if God thought it important enough to make it a law as a foundation for thier society you have to laugh that changing the name will get around it
     
  20. Rroff

    Man of Honour

    Joined: 13 Oct 2006

    Posts: 69,944

    Interesting - surprised it isn't a bigger deal for Christians then as well being the same God and all though Jesus wasn't exactly a fan of those old money lenders.