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Can I get an Islamic education loan for my MBA from US/Australia?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
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

(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

Original Source Link

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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