I am going to US to pursue higher education. I need to pay the first semester fees as soon as I reach there. We are having a land which we will sell to pay the fees. But the problem is that the person who is buying the land will not buy until my father comes from abroad. So my parents are taking educational loan and saying that they will pay the full loan amount as soon as the land gets sold. But we need to pay some interest amount. Please advise me whether it is ‘Jayez’ to take the education loan on the above mentioned circumstances.
بسم الله الرحمن الرحيم
(Fatwa: 1337/1072/B=08/1435)
It is not lawful for us to take interest based loan in order to achieve higher education. You should borrow interest free loan from someone. The debt may be paid off by selling the land.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband