{"id":28596,"date":"2024-04-14T17:58:27","date_gmt":"2024-04-14T17:58:27","guid":{"rendered":"http:\/\/daruliftabirmingham.co.uk\/home\/?p=28596"},"modified":"2024-04-14T17:58:27","modified_gmt":"2024-04-14T17:58:27","slug":"is-this-type-of-student-finance-allowed","status":"publish","type":"post","link":"https:\/\/daruliftabirmingham.co.uk\/home\/is-this-type-of-student-finance-allowed\/","title":{"rendered":"Is This Type of Student Finance Allowed"},"content":{"rendered":"

Fatwa ID: 07037<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/span><\/p>\n

Answered by: Maulana Ousman Haye<\/strong><\/span><\/p>\n

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Question:<\/u><\/strong><\/span><\/p>\n

Salaam Hazrat Maulana, hope you are well.<\/span><\/p>\n

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https:\/\/www.gov.uk\/government\/publications\/alternative-student- finance\/alternative-student-finance<\/span><\/p>\n

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I wanted to asked about this sort of finance and whether it would be permissible?<\/span><\/p>\n

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There are courses that are available wherein through this finance the company is directly paid and you don&#39;t get to touch the money. <\/span><\/p>\n

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Only if you earn over 25k later in life do you have to pay \u00a35\/\u00a37. When speaking to the company they said this link is the alternative funding that Muslims and those who do not want interest can receive.<\/span><\/p>\n

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What is the stance of the Ulama on this?<\/span><\/p>\n

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In the name of Allah, the Most Gracious, the Most Merciful<\/strong><\/span><\/p>\n

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Answer:<\/strong><\/span><\/p>\n

Islamic Takaful funds are based on contributions and cooperation amongst a group of people who agree on paying specific sums of money as a gift to the fund in return for agreed upon sums in case of afflictions befalling any of them, in this case a student loan.<\/span><\/p>\n

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The opinion expressed by the Fiqh Academy in Makkah Mukkaramah in 1398 A.H.\/1978 and the Fiqh Academy in Jeddah in ruling #9 in 1406 A.H.\/1985 was that a co-operative insurance is legally valid as a charitable contribution and co-operation contract. <\/span><\/p>\n

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In this contract, each participant pays his contribution voluntarily to reduce the effects of loss. In summary, this form of social and co-operative insurance is permissible since they are based on charitable contributions. (Financial Transactions in Islamic Jurisprudence p.44 v.2)<\/span><\/p>\n

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Therefore, takaful is the alternative for these haram loans and insurances.<\/span><\/p>\n

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Provided that this does not indulge with the ways of conventional loans, it will be permissible.<\/span><\/p>\n

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Furthermore, their website states that they are working with the Islamic Finance Council UK to ensure the alternative student finance system introduced is compliant with Sharia law. <\/span><\/p>\n

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Therefore, once the final details are put in place, the local scholars can give a better detailed answer.<\/span><\/p>\n

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Only Allah (\u0639\u0632 \u0648 \u062c\u0644) knows best.<\/span><\/p>\n

Written by Maulana Ousman Haye<\/span><\/p>\n

Checked and approved by Mufti Mohammed Tosir Miah<\/span><\/p>\n

Darul Ifta Birmingham<\/span><\/p>\n

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\n(\u0631\u062f \u0627\u0644\u0645\u062e\u062a\u0627\u0631\u060c \u062c\u0667\u060c \u0635\u0665\u0665\u0663\u060c \u0639\u0627\u0644\u0645 \u0627\u0644\u0643\u062a\u0628)<\/span><\/p>\n

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Fatwa ID: 07037 \u00a0 Answered by: Maulana Ousman Haye   Question: Salaam Hazrat Maulana, hope you are well.   https:\/\/www.gov.uk\/government\/publications\/alternative-student- finance\/alternative-student-finance   I wanted to…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[],"_links":{"self":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts\/28596"}],"collection":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/comments?post=28596"}],"version-history":[{"count":2,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts\/28596\/revisions"}],"predecessor-version":[{"id":29923,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/posts\/28596\/revisions\/29923"}],"wp:attachment":[{"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/media?parent=28596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/categories?post=28596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/daruliftabirmingham.co.uk\/home\/wp-json\/wp\/v2\/tags?post=28596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}