DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - University Tuition Fees in the UK

**natahololll** · 09-04-2012, 03:56 AM

Is there a way to organize muslim students and as a group appeal to a bank or financial institution to offer interest free loans? All banks care about is their profit, they dont care about Islamic or non Islamic. Construct a proper Islamic contract under ulama supervision which leaves ample profit margins for the bank, then approach the bank as a large group of interested Muslim students, select 1 leader to take it to the banks on behalf of the group and present the contract. Who knows that they will accept it.

regarding the inflation issue.
I can see why the UK government does it, they are effectively saying one is borrowing money from their future selves at a constant value. I can also see why it is considered haram in that ruling.
The alternative would be to ask the UK government to provide students who request it the equivalent value of gold, and then to pay that gold back over time. That would actually work really well. Unfortunately, the current system would not accept it.
Therefore the only way to make this happen in real life would be to get a group of rich investors (muslim or otherwise), to lend students gold, and be charged exactly the same amount back.

Also could I add that undergraduate university education is a lot of the time wasted on the young. I say this by having wasted my 3 years as an undergradaute. I think it is much better and much more advantageous for students to study part time and work full time.
Muslims alhumdullilah tend to have a hard work ethic, plus not drinking etc leaves us time to focus on work. Therefore if a lad aged 18, works in a good company for 3 years, at the age of 21, he will be in a better position then someone newly graduated.
BUT you must be highly focussed - you must be trying to acquire education. The Open University is an excellent source, I have a certificate from there myself.
And Inshallah, one day, when you have enough money, you can go full time if required.
Best wishes in your quest.

09-04-2012, 03:56 AM	#9
natahololll Join Date Oct 2005 Posts 667 Senior Member	Is there a way to organize muslim students and as a group appeal to a bank or financial institution to offer interest free loans? All banks care about is their profit, they dont care about Islamic or non Islamic. Construct a proper Islamic contract under ulama supervision which leaves ample profit margins for the bank, then approach the bank as a large group of interested Muslim students, select 1 leader to take it to the banks on behalf of the group and present the contract. Who knows that they will accept it. regarding the inflation issue. I can see why the UK government does it, they are effectively saying one is borrowing money from their future selves at a constant value. I can also see why it is considered haram in that ruling. The alternative would be to ask the UK government to provide students who request it the equivalent value of gold, and then to pay that gold back over time. That would actually work really well. Unfortunately, the current system would not accept it. Therefore the only way to make this happen in real life would be to get a group of rich investors (muslim or otherwise), to lend students gold, and be charged exactly the same amount back. Also could I add that undergraduate university education is a lot of the time wasted on the young. I say this by having wasted my 3 years as an undergradaute. I think it is much better and much more advantageous for students to study part time and work full time. Muslims alhumdullilah tend to have a hard work ethic, plus not drinking etc leaves us time to focus on work. Therefore if a lad aged 18, works in a good company for 3 years, at the age of 21, he will be in a better position then someone newly graduated. BUT you must be highly focussed - you must be trying to acquire education. The Open University is an excellent source, I have a certificate from there myself. And Inshallah, one day, when you have enough money, you can go full time if required. Best wishes in your quest.
	Quote