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Is it OK to take a loan with 6-12% interest for my studies in England?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
assalaamualaikum, I am a student studying my undergraduate in bangalore.i want to go to england to persue my further studies.i am not in a position to pay the whole fees.so i wanted to take educational loan which charges me an interest of 6%-12%.i dont have any knowledge of interest free loans.is it ok to take loan.i am in need of money as i cant afford the fees.please guide me.im confused.please reply in detail.thank you.

Answer

(Fatwa: 1642/1561=D/1429)

It is haram to take and give interest. One will has to give interest by taking the above-mentioned educational loan; therefore one should avoid it as much as possible.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

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

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