Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?
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Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?Since usury is forbidden in Islam, Is it possible, for students who want to attend university, to get a loan from an Islamic bank without interest? Are there any Islamic banks in the UK?
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?Given that wikipedia tells us that
To me, this means that loans from loan sharks / payday loans are forbidden, but not all interest bearing loans are.Usury is the practice of charging excessive, unreasonably high, and often illegal interest rates on loans.
Would this not mean that student loans are permitted? They are very low interest loans, so surely they don't fit into the category of usury?
http://en.wikipedia.org/wiki/Student...Interest_rates
Hoping someone can explain this to me - I'm just curious! -
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?I think its better to look at the islamic definition of what interest is because it's not just unreasonably high rates, even adding a penny extra to how much the person owes is considered interest in islam. Hope that helps(Original post by Origami Bullets)
Given that wikipedia tells us that
To me, this means that loans from loan sharks / payday loans are forbidden, but not all interest bearing loans are.
Would this not mean that student loans are permitted? They are very low interest loans, so surely they don't fit into the category of usury?
http://en.wikipedia.org/wiki/Student...Interest_rates
Hoping someone can explain this to me - I'm just curious! -
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?I'm pretty sure that's considered interest anywhere.(Original post by Saalisa4)
I think its better to look at the islamic definition of what interest is because it's not just unreasonably high rates, even adding a penny extra to how much the person owes is considered interest in islam. Hope that helps -
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?The house is basically jointly owned by the bank and the customer, the customer pays the bank an excessive rent so the bank can make a profit. Funny how excessive rent is perfectly fine, but not interest.(Original post by Natalie21)
How do Muslims get morgages? -
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That is ridiculous! :P(Original post by James82)
The house is basically jointly owned by the bank and the customer, the customer pays the bank an excessive rent so the bank can make a profit. Funny how excessive rent is perfectly fine, but not interest. -
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?That pretty much sums up sharia law.(Original post by Natalie21)
That is ridiculous! :P -
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?Yes, well, what seems strange to me is how they (religionists of all denominations) can use what the legal profession would call 'loopholes' to get around the spirit of the rules as intended by the writers of their respective holy books and still feel morally superior to the rest of us.(Original post by James82)
The house is basically jointly owned by the bank and the customer, the customer pays the bank an excessive rent so the bank can make a profit. Funny how excessive rent is perfectly fine, but not interest. -
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?Indeed. Christians were equally not allowed to lend with interest in middle age Europe. That is what gave the jewish people the opportunity to be the only bankers since their religion allowed them to lend to non jews with interest. It has been a blessing and a curse at the same time to the jewish people.(Original post by James82)
That pretty much sums up sharia law. -
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?Technically but there are complex schemes whereby you still end up paying the bank the same amount anyway.(Original post by blacklistmember)
So can you actually get a loan without interest? -
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?I'm guessing that its the same 'devout' 0 rating loser who's applied all the negs in this thread and simply ran out of his daily allowance before he got to you.(Original post by lukas1051)
Huh, you can do this?
Uhh yeah, I'm a Muslam too, interest free loan plz.
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?I'm sure there are different interpretations by different Islamic scholars.(Original post by Saalisa4)
I think its better to look at the islamic definition of what interest is because it's not just unreasonably high rates, even adding a penny extra to how much the person owes is considered interest in islam. Hope that helps -
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?Getting a loan with loads of interest is not really allowed in Islam as it's believed as unfair. However, as it is (as far as I know) entirely impossible to get an interest-free loan in the UK or other western countries, and it is believed to put people at a disadvantage if they cannot afford their own home etc, scholars have given fatwa's to say that it is permitted so long as you are not taking loans "irresponsibly". As in, taking a mortgage on a house or for university is "good", whilst taking out a £40,00 loan to buy a sexy car isn't really "right".
Obviously it's a bit difficult to decide what's allowed and what is not, but really you have to make that decision yourself and trust that your intentions are right
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Re: Fellow Muslims, getting a loan without interest from an Islamic Bank in the UK?islamic finance is a joke....(Original post by James82)
The house is basically jointly owned by the bank and the customer, the customer pays the bank an excessive rent so the bank can make a profit. Funny how excessive rent is perfectly fine, but not interest.
its not islamic, its just the same thing with new names to target more customers....
A muslim who has studied islam properly would never take such stupid loans....i know i wouldnt....also, majority of the muslim scholars would not approve of these practices...but if they actually do approve of these practices, the end is near.
