• Transactions & Dealings >> Interest & Insurance

    Question ID: 933Country: India

    Title: I am an Indian citizen. Can I take education loan from a non-Islamic bank inspite of knowing that I have to give the interest? - I have no other way to fund my higher education (MBA from a Australia). Please do mention any Islamic bank which can give me education loan in an Islamic way for my higher education (MBA) from US/Australia.

    Question: I am an Indian citizen. Can I take education loan from a non-Islamic bank inspite of knowing that I have to give the interest? - I have no other way to fund my higher education (MBA from a Australia). Please do mention any Islamic bank which can give me education loan in an Islamic way for my higher education (MBA) from US/Australia.

    Answer ID: 933

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 472=460/N)

     

    (1) You can not; since giving and taking of interest is sternly prohibited in Islam:

    واحل اللہ البیع و حرم الربوا (الآیة) وقال: یا ایھا الذین آمنوا اتقوا اللہ وذروا ما بقی من الربوا ان کنتم مؤمنین، فان لم تفعلوا فاذنوا بحرب من اللہ و رسولہ (الآیة)

     

    (2) We do not know any Islamic bank in India.

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India